System and method for collection, distribution, and use of information in connection with commercial real estate

ABSTRACT

A system and method for creating a unified commercial real estate data model through collection, distribution and use of information in connection with commercial real estate and for creating a web-based marketplace that facilitates the efficient and secure buying, selling, and leasing of commercial properties. The invention provides a digital marketplace in which the members of the commercial real estate and related business community can continuously interact and facilitate transactions by efficiently exchanging accurate and standardized information. An embodiment provides a system and method for providing communication and analytical tools that interface with a commercial real estate database and support commercial real estate transactions between parties. These communication and analytical tools can include: 1) a survey tool; 2) a commercial real estate transaction tool; 3) a tour scheduling tool; 4) an activity summary tool; and 5) a tool for analyzing commercial real estate data.

[0001] This application is a continuation-in-part of application Ser.No. 09/973,703, filed Oct. 11, 2001, which is a continuation-in-part ofapplication Ser. No. 09/693,988, filed Oct. 23, 2000. This applicationalso claims the benefit of U.S. Provisional Application No. 60/325,164,filed Sep. 28, 2001, which is herein incorporated by reference in itsentirety.

BACKGROUND 1. Field of the Invention

[0002] The present invention broadly relates to the field of electroniccommerce and global network information management services, andparticularly, to a system and method for creating a unified commercialreal estate data model through collection, distribution and use ofinformation in connection with commercial real estate and web-basedinformation systems that facilitate the buying and selling of commercialreal estate. More specifically, the present invention relates to asystem and method for providing communication and analytical tools thatinterface with a commercial real estate database and support commercialreal estate transactions between parties. These communication andanalytical tools include: 1) a survey tool; 2) a commercial real estatetransaction tool; 3) a tour scheduling tool; 4) an activity summarytool; and 5) a tool for analyzing commercial real estate data.

BACKGROUND OF THE INVENTION

[0003] Whether measured in terms of variety, volume, or value oftransactions, the market for commercial real estate information is vast.In 1998, the U.S. commercial real estate market had: hundreds ofthousand of leasing transactions, with an aggregate value of more than$200 billion, and had tens of thousands of sales transactions, with anaggregate value of $285 billion. In the same year, lenders, providedtens of thousands of commercial real estate loans, with an aggregate netvalue of more than $110 billion, according to the Federal Reserve Board.F. W. Dodge reports that during 1998, construction commenced on 766million square feet of commercial properties with an aggregate value of$52 billion. Finally, vendors made $10 billion in sales to tenants whowere moving to new facilities, according to the Corporate Realty Designand Management Institute.

[0004] Despite its enormous size, the real estate industry in many waysis a backwater. In the current market, real estate brokers performvarious functions. To begin with, individuals, institutions, andowner/users buy and sell buildings. The aggregate sales value ofcommercial properties sold in the United States in one year is about$285 billion, according to a Federal Reserve estimate. Most transactionsoccur through the use of a commercial real estate broker, whose job isto list the asset for sale, disseminate the correct information, respondto questions and requests for specific information, attempt to create anauction atmosphere, and complete and close a sale. Brokers typicallyreceive between 1% and 6% of the sales value of the property, with thelower commission rates corresponding to higher sales values.

[0005] Below a level of, about, $5 million, sales are typically locallysourced to local users or individuals or small institutions. Beyond $5million and, more acutely, past $10 million, the market becomes moreregional as the buyer base narrows. Above $25 million, the marketbecomes institutional in the sense that the potential buyers are REITs,pension funds, advisors, or corporations. At this level the marketbecomes national and, to some extent, international. It is criticallyimportant to limit the dissemination of information in this context.

[0006] In addition, every building that is not owner occupied must beleased. Brokers usually take one side of the transaction as either thelisting broker or the tenant rep. Listing brokers list the space for theproperty owner and attempt to drum up interest in the space with flyersand information packages. Brokers also typically specialize in a type ofproperty and in a region, so their added value is in knowing who is mostlikely to want a specific space for lease. Tenant representativesusually represent the tenant and are specifically looking for space forexpansion or to enter a new market. Tenant representatives consolidateall the listing information from the listing brokers in a market for aspecific type of space, conform the package, and help the user make aninformed decision. Many individual brokers do both.

[0007] The real estate industry is so large and fragmented that,historically, there has been no meaningful national research. Researchthat does exist is typically local or regional in nature, frequentlylimited to occupancy and rental rate information, and most of the timeonly marginally accurate. From market to market, different data was keptby the administrative assistant for a couple of local brokers, who wouldthen hold that out as proprietary knowledge in that particular market.Ten years ago this was out of date; by today's standards, it iscompletely useless. With the trend towards much more liquid real estatemarkets and the dominance of large regional and national tenants andcapital providers, the need for accurate national data has become acute.

[0008] At present, however, transaction costs are high, and informationis non-standardized as states, cities, and local communities all havetheir own rules and regulations. To add to the milieu of confusion,investors and owners frequently have different tax statuses, socomparisons are never apples-to-apples. Brokers typically use this totheir advantage—their pitch becomes “I am the only one that knows allthis stuff, and if you don't use me, what you don't know can hurt you.”A helpful way to think about this would be to imagine that eachsecurities brokerage firm maintained its own exchange, instead of themall feeding the NYSE and NASDAQ. Clients would have little chance ofgetting the best execution since there would be a closed market only. Tosome extent, real estate has operated this way historically, except thateach of the brokerage firms referred to these closed networks as“proprietary information.”

[0009] Over the past 15 years, however, a new class of investors andusers has opened up the business. National institutional owners like theREITs and large ERISA managers like Jones Lang LaSalle have created aneed for standardized, reliable information and processes. This, inturn, has led to a mass consolidation among the smaller local andregional brokers. This trend toward a national information standard isbecoming more powerful. The old model of the local power broker is beingreplaced by a single-point-of-contact model for national real estatecompanies, in which client needs are met with just one relationship. Theonly way a small brokerage firm can level the field is by having accessto the same information as the larger brokers.

[0010] It has been long demonstrated in other contexts, e.g., thesecurities industry, that distributed information improves marketefficiency. In the securities industry each broker has a system on theirdesk that gives them access to standardized, accurate securities pricinginformation. Largely, information is collected by the exchanges andconsolidated into a standard system of quotes and news. The vendors ofthe information try to figure out the best way to graphically presentthe information and to price the data feed to maximize revenue. For themost part, the major quote and information providers are all providingthe same thing. The present invention relates to a way of applying thisapproach to real estate information. By centralizing and standardizingthe information, it has made it much more user friendly and, hence,valuable. It has created a digital exchange with itself as the sponsor.

[0011] To facilitate transactions, industry participants must have,extensive, accurate, and current information. Members of the commercialreal estate and related business community require daily access tocurrent data such as rental rates, vacancy rates, tenant movements,supply, new construction, absorption rates, and other important marketdevelopments to carry out their businesses effectively. Such datacollection is time-consuming, as shown by a 1996 study, which found thatcommercial real estate professionals spent 40% of their workdaycollecting and analyzing information on the real estate market.Therefore, there is a need for a unified commercial real estate datamodel to develop an efficient marketplace, where members of thecommercial real estate and related business community can exchangeinformation, evaluate opportunities using national standardized data,and interact with each other on a continuous basis.

[0012] The parties involved in the commercial real estate and relatedbusiness community that require extensive information, include: salesand leasing brokers; property owners; property management firms; designand construction firms; real estate developers; real estate investmenttrusts; investment banks; commercial banks; investors and assetmanagers; government agencies; mortgage-backed security issuers;appraisers; media; tenant vendors; building services vendors;communications providers; insurance companies and institutionaladvisors.

[0013] The commercial real estate related business community has yet todevelop an efficient marketplace because of the fragmented approach togathering and exchanging information within the marketplace, i.e., thelack of a unified data model. Various organizations, including hundredsof brokerage firms, directory publishers, and local research companies,have attempted to collect data on specific territories and to developsoftware to analyze the information they have independently gathered.This fragmented approach resulted in duplication of effort in thecollection and analysis of information, excessive internal cost,non-standardized data with varying degrees of accuracy andcomprehensiveness, and a large information gap.

[0014] The creation of an efficient digital marketplace for commercialreal estate requires a unified data model—an infrastructure of anational, standardized database, accurate and comprehensive researchcapabilities, and intensive, real-time participant interaction. Theglobal information network or Internet can help maximize interactionamong participants in a marketplace. The Internet has emerged as a masscommunications and commerce medium enabling millions of people worldwideto share information, create communities among individuals with similarinterests, and conduct business electronically. International DataCorporation projects that the number of Internet users will grow from100 million in 1998 to 320 million in 2002. In addition to its emergenceas a mass communications medium, the Internet has features and functionsthat are unavailable in traditional media, which enable users to:communicate or access enormous amounts of information at low cost andwithout geographic limitation; access dynamic and interactive content ona real-time basis; and communicate and interact instantaneously with asingle individual or with entire groups of individuals.

[0015] Along with the impressive overall growth of the Internet,business-to-business usage is also growing rapidly, as businesses areincreasingly leveraging the Internet's ability to reach clientsglobally, deliver personalized content, and open new distributionchannels. Forrester Research projects business-to-business electroniccommerce to grow from $17 billion in 1998 to $327 billion in 2002.

[0016] It is in this context that there remains a need for a system andmethod for creating a unified commercial real estate data model throughcollection, distribution and use of information in connection withcommercial real estate and web-based information systems that facilitatethe buying and selling of commercial real estate. The collection,distribution, and use of information would preferably include theability to search all commercial real estate data, across multiplemarkets, geographic regions, brokerage listings, and data categories andtypes. The desired system and method would also preferably indicate thetimeliness and reliability of the information, and would present theinformation through intuitive, convenient user interfaces.

[0017] The present invention also relates to a method and system forlisting and brokering a commercial real estate and its financialderivatives. An underlying principle of commodities, equities, or bondtrading is that the asset sought to be traded have an intrinsic valuewhich can be determined, usually by a market exchange, and that thatvalue will shift based upon the vagaries of the market. Thedetermination of market value can be aided by systems such as thatdescribed in U.S. Pat. No. 4,713,761, System for Centralized Processingof Accounting and Payment Functions, issued Dec. 15, 1987 to Sharpe etal., and in U.S. Pat. No. 5,222,018, also for a System for CentralizedProcessing of Accounting and Payment Functions, and issued Jun. 22, 1993to Sharpe et al. These systems merely provide a revenue or cost value,which can then be used by analysts in determining a market value for thelisted commodity. The ability to extract historical financial and marketinformation, and to evaluate shifts due to events that pressure thosemarkets, has been addressed by such art as U.S. Pat. No. 5,414,838 for ASystem for Extracting Historical Market Information with Condition andAttributed Windows, issued May 9, 1995 to Kolton et al. Again, theelement of speed in reacting to the vagaries of the market provides theasset trading markets with winners and losers on a day to day basis.Transaction time for financial markets has been addressed by such art asU.S. Pat. No. 5,420,405 for a Secure, Automated Transaction System thatSupports an Electronic Currency Operating in Mixed Debit and CreditModes, issued to Norman E. Chasek on May 30, 1995.

[0018] U.S. Pat. No. 5,724,524 to Hunt, et al. describes a Method andSystem for Listing, Brokering, and Exchanging Carrier Capacity in whichlisting, brokering, and exchanging a commodity requires identifying aplurality of characteristics of the particular commodity, and thenentering those characteristics into the database of a data processingsystem utilizing a real-time clock. An exchange market for the commodityis established based upon a pre-selected set of its characteristics.After a market price for the commodity has been set, a class (orclasses) of financial derivatives is established together with afinancial exchange market for those derivatives. The characteristics ofthe derivatives comprise: a common descriptive link between variedcommodity types; a contract length that runs from the purchase date ofthe contract to the performance date for the commodity; and, a contractprice.

[0019] In the context of commercial real estate, there has heretoforebeen insufficient reliable information to create derivatives based onthe commercial real estate market. It is an object of the presentinvention to provide a system and method that support the creation offinancial derivatives for commercial real estate. More specifically, itis an object of the present invention to shift the financial burden oflong-term leases through the financial markets by providing anopportunity to hedge against the future. While the landlords would haveto guarantee that capacity will be available at a time when it isrequired, the financial burden of the landlords will be minimized bymaking capital available up front in exchange for capacity later. Afurther object of the present invention is to provide the financialmarkets with an ability to trade commercial real estate space as atangible commodity by providing the method and means for doing so.

[0020] As used herein, “Commercial Real Estate” means any real property,including, without limitation, office, retail and industrial rentalspace, a building, and multiple buildings for use by a business entity,or one or more facilities or buildings that a business entity occupiesfor the purpose of conducting its operations on a routine and ongoingbasis.

[0021] “Market” means a geographic region, e.g., the Washington, D.C.metropolitan area, that includes all buildings or potential buildingsavailable for business occupancy, with boundaries that are consistentwith U.S. Census standards and that are generally accepted definitionsof metropolitan areas.

[0022] “Submarket” means a geographic area as a subset of a Market andthat includes buildings or potential buildings available for businessoccupancy, with boundaries generally accepted by local real estateprofessionals.

[0023] “Grade” means the designated quality of real estate on a relativescale of quality, based primarily upon a generally acceptedclassification structure, such as Class A, B or C properties. Realestate experts familiar with the classification systems and withgenerally accepted standards can provide this “grade” designation.

[0024] “Rent” means the annual amount paid by a business entity forrights to occupy real estate.

[0025] “Vacancy Rate” means the percentage of square feet that isoffered for lease in a market, submarket, or building.

[0026] “Absorption” means the net reduction in vacant square feet over adefined period (typically, twelve-months) resulting from new tenants,new construction, and lease terminations.

[0027] “Comparable Real Estate” means real estate that is approximatelyequivalent in Rent, Grade, Use, and/or location to the business entity'sReal Estate.

[0028] “Area” means an indicator of economic attractiveness of thesubmarket where the real estate is located; and it is based, forexample, upon rents, vacancy, absorption rate, and/or other measures ofeconomic attractiveness of a submarket.

[0029] “Risk” means an indicator of the financial, market andenvironmental exposure of real estate and of the financial, market andenvironmental risks associated with the employees and the businessentity's occupancy in the real estate.

[0030] “Owner” or “Owner's representative” means anyone acting on behalfof an owner, including for example the owner's broker, the owner'sproperty manager, and the owner herself.

[0031] “Seller” or “Seller's representative” means anyone acting onbehalf of a seller or potential seller, including for example theseller's broker, the seller's property manager, and the seller herself.The seller represented by the seller or seller's representative includespotential sellers and those actually selling.

[0032] “Buyer” or “Buyer's representative” means anyone acting on behalfof a buyer or potential buyer, including for example the buyer's brokerand the buyer himself. The buyer represented by the buyer or buyer'srepresentative includes potential buyers and those actually buying.

[0033] “Confidentiality agreement” means a legal, binding contractrequiring parties to the agreement to treat certain information asprivate and not for publication. For example, in the context of realestate, a confidential agreement requires that a buyer keep a propertylisting confidential in return for viewing the property listing. As usedherein, “non-disclosure agreement” is synonymous with “confidentialityagreement.” Executing and submitting confidentiality and non-disclosureagreements can occur, for example, by clicking-through an “accept”button for an agreement posted online or by exchanging electronicdocuments having electronic signatures.

SUMMARY OF THE INVENTION

[0034] An object of the present invention is to provide a system andmethod for creating a unified commercial real estate data model throughcollection, distribution and use of information in connection withcommercial real estate and a web-based marketplace that facilitates thebuying and selling of commercial properties.

[0035] Another object of the present invention is to provide a web-basedinformation distribution system that supports the efficient and securebuying and selling of commercial properties.

[0036] The present invention provides a unified, robust, and unbiasedInternet marketplace for commercial real estate. The system has accessto databases containing independent and comparable data on commercialreal estate, which are continuously assembled and updated byprofessional researchers. The system includes a database detailingoffice and industrial space in the subject market that is comprehensive,accurate, and up-to-date. The system also includes a tenant informationdatabase of information about tenants that allows users to identify andtarget the most likely tenants to lease space and determine theunderlying demand for commercial real estate in their market.

[0037] This broker-centric model of the present invention enablessellers to reach a larger and more qualified universe of buyers, andenables buyers to more quickly and effectively find and evaluatecommercial properties for sale by instantly referencing correlatingweb-based information. The present invention features properties forsale, including correlating content on comparable sales, for-lease spaceavailability, commercial real estate inventory and market statistics,tenant information, and an image library of building photographs, floorplans, aerials, and maps. It also includes background information onbuyers, sellers, lenders, owners, principals, and service providers.

[0038] The system of the present invention allows real estate buyers toreview potential deals through a search engine that matches propertiesfor sale with buyers' investment criteria. The system speeds up thecommercial buying process and does what electronic trading of securitiesthrough NASDAQ did for the over-the-counter market by creating an open,efficient market for commercial real estate.

[0039] Currently, sellers of a property hire a broker to market thebuilding. Usually that broker shows the building to a limited number ofprospective buyers, institutions, or private buyers with whom the brokerhas some personal connection. The system of the present invention siteallows sellers and their brokers to advertise a building for sale to amuch broader audience, but in a controlled manner: buyers have to provethey are serious and have the resources to buy the property before theycan see any in-depth details.

[0040] At the same time, buyers can input various criteria such asprice, size, location, and desired vacancy rates and receive a list ofavailable properties. When a seller shows a prospective buyer a packageof information about the property, the buyer can independently verifystatistics about the building like rent rolls, tenant base, andcomparable sales prices for similar buildings in the market by trawlingthrough the system's databases, which are compiled by researchers.

[0041] By acting as an independent collecting information throughindependent researchers, the system short-circuits the buyer's analysisprocess on any given property. In this way, the system eliminates theneed to expend time, money, and effort only to find out that dataprovided by the seller was misleading.

[0042] In the currently preferred embodiment, the service is free forsellers and their brokers, while buyers and their brokers pays asubscription on a sliding scale from $250 a month up to $20,000 a month,depending on the size of the buying entities.

[0043] The system provides an interactive marketplace that enablesbrokers to reach a larger and more qualified universe of buyers andsellers faster, thus helping them complete transactions more rapidly,efficiently and cost effectively—through the Internet. The system iscapable of providing information on thousands of properties for sale,including correlating content on comparable sales, for-lease spaceavailability, commercial real estate inventory and market statistics,tenant information, and an image library of building photographs, floorplans, aerials, and maps. The system can also provide backgroundinformation on buyers, sellers, lenders, owners, principals, and serviceproviders.

[0044] The present invention provides a digital marketplace in which themembers of the commercial real estate and related business community cancontinuously interact and facilitate transactions by efficientlyexchanging accurate and standardized information.

[0045] The system of the present invention also facilitates mortgagelending. In particular, since reliable information concerning allfactors needed to evaluate a commercial loan application, e.g., thebuilding characteristics and the information concerning prospectiveborrowers, are accessible to the system or maintained within the system,the system facilitates matching borrowers with lenders. Alternatively,the system lists all available lenders, either generally or only thoselenders that are willing to lend money for a particular property. Theborrower can click on a particular lender and obtain information orsubmit information for loan pre-approval.

[0046] The system of the present invention provides enough informationto allow lenders to actually underwrite a property. Based on theproperty information, the lender is able to commit to a particular loanregardless of who is buying the property, subject only to verificationof credit information. The system allows a lender to offer better termsto a strong borrower. Lenders recognize the value of such a system, but,as yet, have been unable to create suitable automated underwritersystems that pull in discrete, disparate data fields and create massiveautomated valuation underwriting. Lacking the unified data model,lenders heretofore have had to pull data from various systems making itextremely expensive to underwrite a property. As such, lenders, toreduce costs, have had to be very selective in choosing systems fromwhich to pull data.

[0047] There are three levels associated with underwriting propertiesand with establishing an underwriting marketplace. The first levelinvolves simply providing quotes and information on loan programs andthen matching that to people's requests. The second level involves ‘softquotes’—in which the system provides enough property information forlenders to provide a commitment of loan quotes on a non-request basis.This second level allows lenders to proactively market loans instead ofresponding back to requests for information.

[0048] The third level is refinancing. The system and method of thepresent invention make it possible for lenders to send pre-approvedloans to the owner of any building, whether or not the owner is seekingto sell or refinance. Most owners are not currently marketing theirproperty for sale or refinancing. However, owners may still be receptiveto profitable offers. The unified data model of the system of thepresent invention allows lenders to go into the broad universe of allthe properties stored on the database of the present invention andcreate a pre-approved credit line or a pre-approved loan for thesedifferent properties. Moreover, for certain properties, the unified datamodel of the system of the present invention has enough information tounderwrite the loan. The system of the present invention has enoughinformation to actually submit preapproved offers and provide softquotes. In contrast, without the unified data model and system of thepresent invention, the expense of underwriting loans is so large thatlenders cannot process loans for under a certain amount. The inventiontherefore allows lenders to considerably increase their loan volume andbrings much liquidity to the marketplace. Everyone is able to find outthe best possible loan that one could obtain on his property.

[0049] As a further aspect of the present invention, a lending productis provided on the system that lists every lender that the systemtracks. The present invention enables customers to click on a lender'sname in the list to request a free package of materials from thatlender. The system facilitates this communication between the customerand a prospective lender.

[0050] The system uses linked databases and computers to provide a widearray of digital service offerings including a leasing marketplace, aselling marketplace, decision support, tenant information, comparablesales information, property marketing, and industry news. All of theseservices are preferably digitally delivered and most clients receivedaily service updates over the Internet.

[0051] The system includes a comprehensive database of information thatis relevant to commercial real estate transactions, a researchdepartment for updating the information, and links, through theInternet, for example, to participating organizations and other users.The database of the preferred embodiment has been constructed over morethan a decade by a research department that now makes over 1.8 millionupdates each year to the database. The system has obtained andassimilated over 50 proprietary databases. The database now covers 54commercial real estate markets in the United States. It tracks over 15billion square feet in over 350,000 properties, including more than $40billion in properties for sale, and over 900,000 tenants. It isestimated that 36,000 participating companies use the marketplace of thepresent invention to distribute information on their properties. Ofthese participating companies, approximately 3,600 are clients,representing 25,000 end-users, who subscribe to the services tofacilitate transactions, market services and properties, and conductmarket research.

[0052] The system of the present invention provides a digital commercialreal estate marketplace that takes advantage of network effects. Thedigital marketplace can be used by and deliver value to several distinctcategories of users. To begin with, a large percentage of the commercialreal estate industry participating companies use the marketplace todistribute information on their properties. Some portion of theseparticipating companies, are subscribers that pay for enhanced access oradditional information or related services to facilitate transactions,market services and properties, and conduct market research. Asignificant aspect of the present invention is that the users, includingclients and other members of the commercial real estate and relatedbusiness community, assist the system operator by continuously updatingthe marketplace data. Each day thousands of updates to the marketplacedatabase are made. The resulting information is distributed via theInternet, creating a more dynamic and efficient market for transactionsinvolving the commercial real estate and related business community.

[0053] The system of the present invention capitalizes on theinformation accumulated in the digital marketplace to create a highvalue-added, full-service solution for users. The system of the presentinvention provides the following services: 1 Digital leasingmarketplace—provides the information required to efficiently conductcommercial real estate leasing transactions, both between brokers andbetween owners and brokers. This service provides a more comprehensivesolution with much higher data quality, at substantially less time andcost.

[0054] Digital selling marketplace—provides the information required toefficiently and securely conduct commercial real estate buy and selltransactions. This service benefits users by allowing purchasers to makemore-informed investments and sellers to maximize realized propertyvalues.

[0055] On-line decision support services—allow members of the communityto perform an analysis of underlying market conditions and trends whenmaking investment, leasing, purchase, sale, build, and marketingdecisions involving commercial real estate. These services benefit usersby providing more powerful, flexible, time-efficient, and accurateanalytic capabilities.

[0056] Comparable Sales Information—enables members of the real estatecommunity to evaluate property value by analyzing comparable salesinformation including information on sale prices, income and expenses,capitalization rates, loan data, and other key details. This serviceprovides a database searchable by such parameters as location, propertytype, square footage, price range, and number of units.

[0057] Tenant information services—enable members of the commercial realestate and related business community to identify and market to thetenants who are the most likely prospects for their goods and services.These services benefit users by more precisely identifying and capturingviable prospects at a lower cost.

[0058] On-line property marketing—provides a unique on-line means forthe commercial real estate and related business community to directadvertising to the appropriate decision-makers. This service benefitsusers by providing them increased distribution, higher visibility, and amore cost-effective way to reach their targeted audience.

[0059] On-line industry news—allows members of the commercial realestate and related business community to remain current withdevelopments in the industry. These services benefit users by providingmore timely and in-depth news.

[0060] All of the foregoing services can be digitally delivered via theInternet or through other forms of downloads. The increased availabilityof services from a web-based platform will allow the commercial realestate and related business community real-time access to the digitalmarketplace data and provide the opportunity for increased interactionamong community members. The practical result of this increasedinteraction is the development of a more efficient commercial realestate marketplace.

[0061] The system of the present invention uses the latest technology tocontinuously improve data collection, enhance sales efforts and servicecapabilities, and control costs as the marketplace framework and unifieddata model is built. The system preferably uses a mobileinformation-collecting device that is equipped with a GPS system and alink to the databases of the system of the present invention. The devicefurther includes a display screen and input device, and can also includea web camera. As detailed below, the system is able to providelocation-sensitive real estate information automatically, and to performother useful tasks by correlating a vehicle's instantaneous position todata stored in a remote database to identify geographically pertinentinformation and transmitting the geographically pertinent information tothe truck for display on the display panel within the truck. Optionally,the mobile information-collecting device also includes audiocapabilities and the geographically pertinent information includes audiodata, such that the device, for example, plays a voice describing thegeographically pertinent information to the occupant of the mobileinformation-collecting device.

[0062] In addition, the system uses global satellite positioning and theInternet to coordinate remote field research vehicles equipped with GPStransponders, laptop computers, cellular communications, and lasermeasurement devices, to provide the most precise and timely inventory ofavailable buildings.

[0063] The system also integrates a wide client and property informationmanagement system with a telecommunications system and database to allowthe sales force, research staff, client-service staff, and accountingdepartment to develop a coordinated sales, research, and accountmanagement effort. This enterprise-wide system also assists managementin improving quality control and training.

[0064] The system also includes equipment to collect architecturalphotographs digitally so that the system can move the images into adatabase substantially faster and at lower cost.

[0065] Thus, the present invention provides the first national andstandardized source for commercial real estate metrics that iscomparable between geographic territories. For example, the definitionsof vacancy rates and building classifications have varied among thedifferent providers of real estate information. Through nationalpresence and uniformity of services and data across all markets, thesystem provides a foundation for members of the commercial real estateand related business community to do business on a national basis.Leading firms within the community conduct business efficiently inmultiple local markets by standardizing their internal systems on theproprietary database of the present invention.

[0066] The system of the present invention provides a unified data modelthat allows insight into relationships that were only inferred in thepast.

[0067] The system of the present invention includes a variety offeatures that are useful for those within the commercial real estatefield and elsewhere.

[0068] For example, the system provides fraud detection—by alertingbrokers/owners that their property is being marketed—any person(subscriber or not) can see “my listings,” which includes identificationof properties that they own/represent that are shown as being on themarket.

[0069] The system of the present invention also provides intelligentsearching—the query system allows the user to add/remove terms from thesearch without rerunning the entire search. This allows users to refinesearches. The ADD/DELETE feature lets the user narrow the user'sexisting search results by adding search terms to the user's originalsearch request. The search software retains the user's original searchrequest and corresponding search results.

[0070] To perform an ADD/DELETE Request, the user follows the followingsteps: 1 1. Once the user has completed a search request that returnssearch results, the user selects ADD/DELETE from the Search menu orclicks the ADD/DELETE button in the software's toolbar.

[0071] 2. The user then enters a complete ADD/DELETE request. If theuser is using the Graphical Interface, the user enters the ADD/DELETErequest in the ADD/DELETE Search Request field.

[0072] The software returns focused search results through which theuser can browse as the user normally would.

[0073] The user may want to narrow the scope of the user's search if thesearch results contain too many documents. Or, after reviewing theuser's search results, the user may want expand the scope of the user'ssearch. The user can make these adjustments by modifying the user'soriginal search request to include additional connectors and/or searchterms—all without losing the user's original search results. Narrowingthe scope of search results is described herein as running a query on aquery or running a negative search query.

[0074] The present invention also provides a database of nationwidecommercial real estate information, in which each data entry is assigneda market and an information category. Accordingly, the present inventionallows the user to execute searches based on market criteria (e.g.,geographic region) and information type (e.g., a particular category ofreal estate data, such as a for-sale property, a for-lease property, acomparable sale listing, or a tenant listing). In addition, in a furtherembodiment, the present invention provides each user with a subscriptionstatus that dictates in which markets and information categories theuser can search. For example, a user who subscribes to tenantinformation in the Mid-Atlantic region could conduct an unlimited amountof searches for tenants within that region for no additional cost abovethe periodic (e.g., monthly) subscription cost.

[0075] In some circumstances, however, a user may wish to obtaininformation beyond the information category to which the usersubscribes. For instance, a user who subscribes to for-sale propertyinformation may want to learn more about the tenants of a particularbuilding that the user is considering purchasing. Thus, this embodimentof the present invention enables a user to purchase one-time searchesoutside of the user's subscription status. In this way, a user whosubscribes to searches in one market or information category can conductone-time searches in other markets or information categories.

[0076] In accordance with another aspect of the present invention,information regarding tenants is gathered and stored in a centraldatabase, and is associated with building information. This makes itpossible, for example, to graphically depict the occupancy of aparticular building.

[0077] Another aspect of the present invention provides a tenantinformation database that contains tenant information from a pluralityof markets (e.g., regions of the United States) across which a user cansearch. A user can cross-query the multi-market database to look forparticular tenant information, such as the properties leased by aspecific tenant, all of the tenants that occupy a particular building,or all of the tenants that meet a certain criteria (e.g., occupy 500,000square feet or more).

[0078] Another aspect of the present invention provides a comparablesales database that contains information on comparable sales properties,and that associates each entry with a “quality” identification thatindicates its degree of reliability and/or timeliness. The qualityidentification enables a user to better analyze and use the comparablesales information. As an example, the quality identification couldinclude one of three categories: 1) verified comparable sales, 2)unverified comparable sales; and 3) for-sale properties. In this manner,the system of the present invention allows users to search all relevantcomparable sales information, while at the same time calling to theuser's attention the quality of the search results.

[0079] The system of the present invention also provides a unique methodfor searching for property within a geographical area using a map linkedto a database that stores geographically pertinent information. As anexample, the map includes icons showing the locations of properties forwhich the database has information. As a user drags a mouse pointer overan icon, a window pops-up displaying the geographically pertinentinformation from the database. For example, the information in thewindow could include a photograph of the property along with its salesprice.

[0080] The system of the present invention also provides confidentialityassurance through a system for controlled dissemination of information.

[0081] The system of the present invention provides and facilitates“soft quotes,” pursuant to which lenders offer loans on specificbuildings subject only to qualification of buyer and possible discountfor premium buyers.

[0082] The system of the present invention also provides and facilitatesunsolicited refinancing offers for owners of buildings. In this way, thesystem allows building owners to take advantage of opportunities createdby changes in rates and increased information available.

[0083] The system of the present invention also provides and facilitatescreation of a derivatives market/futures market for commercial realestate.

[0084] The system of the present invention also provides a mobile datagathering and dissemination vehicle as well as a system tracking anddispatch of mobile vehicles. The system of the present invention furtherprovides correlation of data stored in a remote location to vehicleposition in real time. This feature is useful in the context ofcommercial real estate, residential real estate and as part of amerchant directory.

[0085] The system of the present invention also provides a least costrouting for data transfer system for transmitting data from the mobilevehicle.

[0086] The system of the present invention also synchronizes data storedin data sources by cross-checking data sources and prompting the inputagent to make necessary changes in affected databases.

[0087] The system of the present invention also provides an investmentadvisor feature that provides relevant information such as: what is theleasing history of specific building? what is the history of market inthat area? what is the history of the building relative to market (isthe building generally one of the first to fill up)?

[0088] The system of the present invention also provides an intelligentassistant for assisting in setting prices based on the saved searches ofusers, i.e., knowing what other users (buyers) are looking (searching)for. The system could, for example, advise the user that “if you set theprice at X level you will hit Y pending searches, but if you set theprice at X′ level you will only hit (Y-n) pending searches.” The systemthus allows queries against pending searches so that the user knows whatpeople are looking for.

[0089] The system of the present invention also provides quick alertswhen saved searches are satisfied to support user investment strategies.In particular, the system notifies the user by wireless messaging and/ore-mail as soon as a property matches existing search criteria. Inaccordance with a particularly important aspect of the presentinvention, this feature applies to searches that are satisfied as aresult of changes in market conditions that bring a previously listedproperty within the investment criteria.

[0090] The system of the present invention in general employs theunified data model to enhance knowledge of the overall context ofbusiness decisions, for example, buying versus leasing.

[0091] The system of the present invention makes it possible for a userto extract data relating to virtually every aspect of a commercial realestate transaction. Although the data is described as being containedwithin a “database,” data can be stored in a plurality of linkedphysical locations or data sources. The significant aspect is that thedatabase contains information relating to areas that have previouslybeen only accessible in isolation from one another. By providing aunified data model and a system for forming a variety of queries againstthe unified database, it is possible to understand with precision therelationship between market factors that have heretofore only beenunderstood in an anecdotal way.

[0092] For example, prior to the present invention, a commercial realestate investor might have recognized the value of investing in aparticular building that had low vacancy but was located in an area ofextremely high vacancy. If so, this investor might also be interested inknowing that a building that is on the market has lost a big tenant.

[0093] Prior to the system of the present invention, however, there hasbeen no unified way of storing an investor's investment criteria andcontinually monitoring the market so as to have the ability to provide areal-time alert when a property matching the investor's investmentcriteria has become available. This advantage is achieved becausedatabases containing leasing information are linked with databasesconcerning buildings for sale, which are linked to databases that storea particular investor's investment criteria, which are linked todatabases that store the data necessary to determine market conditions,and so on. It is through the connections of previously discretedatabases that the synergies and advantages of the present inventionarise.

[0094] In this sense, the present invention resides in theinterconnection of related pieces of information that allows a trueunderstanding and deep appreciation of a commercial real estate market.The user of the system of the present invention has the ability tounderstand data in context, because the data in one data source isinfluenced by other data sources that have heretofore not beenconnected.

[0095] The data stored in the databases of the present invention is fromvarious sources. For example, property information can be obtained byresearching information sold and information available. Tenantinformation can be obtained through personal inspection of propertiesand from brokers. Market analytics are obtained through an historicalanalysis. In addition, tax assessment information provides yet anothersource of information.

[0096] To gather this data, an aspect of the present invention providesa coordinated method and system for collecting data for a commercialreal estate database having distinct but related categories ofinformation. According to this embodiment, the system enters informationconcerning one category of information into the database, and thendetermines the relevance of that entered information to other categoriesof information. If the entered information is deemed relevant to asecond category of information, then the system notifies a researcherresponsible for collecting data for the second category of information.The system then provides the researcher with the entered information.

[0097] The coordinated research of this embodiment demonstrates thevalue of having a fully integrated database, which, in this instance,relates to commercial real estate. Another advantage afforded by acomprehensive integrated commercial real estate database is the abilityto link comparable sales records to current lists of tenants inparticular buildings.

[0098] Another way of gathering information is through mobileinformation-collecting device, according to another aspect of thepresent invention. The mobile information-collecting device is a truckor other vehicle that is equipped with a GPS system and a link to thedatabases of the system of the present invention. The device furtherincludes a display screen and input device, and can also include a webcamera. The system is designed such that the location of the truck orother mobile information gathering device at any particular instance iscorrelated to the database so that information concerning properties inthe vicinity of the truck is automatically displayed on the displayscreen located in the truck. Thus, as a truck passes a particularcommercial real estate building, information pertaining to that buildingis displayed, and the operator can determine whether additionalinformation has to be gathered or whether information obtained in thedatabase should be modified. The important feature is that the systemautomatically retrieves and displays the entirety of the currentlyavailable information so that the operator can determine if pieces ofinformation are missing or need to be updated.

[0099] The mobile information gathering system of the present inventionhas other applications as well. For example, a similar device can beused in connection with residential real estate listings to displaypertinent information and directions to the nearest available home forsale. The pertinent information could include, for example, photographsthat pop-up on the display as the mobile information-collecting devicetravels. Likewise, the system could be used to display informationconcerning merchants, service providers, or tourist attractions within aparticular area in a non-commercial setting. For example, the GPS in apassenger car could be linked to a database that contains informationabout local merchants, such as restaurants. As the driver approachesthese restaurants, the system could display advertisements or otherinformation pertaining to the restaurants.

[0100] Thus, in accordance with the present invention, the systemprovides location-sensitive real estate information automatically andperforms other useful tasks by correlating a vehicle's instantaneousposition to data stored in a remote database to identify geographicallypertinent information and by transmitting the geographically pertinentinformation to the vehicle's occupant, by for example displaying theinformation on the display panel within the truck or producing an audiomessage of the information for the occupant to hear.

[0101] The invention also provides a method and system for listing andbrokering a commercial real estate and its financial derivatives. Inparticular, the system of the present invention can be used inconnection with the creation of financial derivatives for commercialreal estate. To create these derivatives, one must have a source ofcomprehensive information. The system of the present invention supportsderivatives for commercial real estate by providing sufficientlyaccurate market information that supports the creation of indexes andderivatives such as futures or hedge rental rates and occupancy rates.The system can also be used for underwriting and rating commercialmortgage banking securities.

[0102] For example, a big office tenant that must find 60,000 squarefeet faces entering a 5-year or 7-year deal or longer-term deal withoutknowing where the market will be in 7 years. If the tenant is $10 persquare foot above market rate on 60,000 square feet—that is a great dealof money. Because the system of the present invention contains vastinformation concerning historical and current vacancy, projectedabsorption and demand, projected rental rates, and supply and demandfigures, the system of the present invention can be used to createindexes with which commercial office tenants can hedge their occupancycosts. The tenants can basically buy futures, for example, “class A,Washington, suburban, close in office futures.”This aspect enables WallStreet and the financial community to manage the building space bywatching supply and demand. By watching these futures, investors canmonitor and adjust building construction, making the market much moreperfectly balanced. Thus, the system of the present invention cultivatesthe massive liquidity inherent in these markets.

[0103] Since the system includes data concerning a plurality ofcharacteristics of the subject commodity, i.e., commercial real estate,in the database of a data processing system utilizing a real-time clock,an exchange market for the commodity, e.g., a particular type ofcommercial real estate “Class A space in downtown Bethesda, Md.”, isestablished based upon a pre-selected set of the commodity'scharacteristics; and, after a market price for the commodity has beenset, a class (or classes) of financial derivatives is establishedtogether with a financial exchange market for those derivatives. Thecharacteristics of the derivatives comprise: a common descriptive linkbetween varied commodity types; a contract length that runs from thepurchase date of the contract to the performance date for the commodity;and, a contract price.

[0104] The system of the subject invention comprises a number ofelements that include: data processing means; means for determiningwhether a match exists based upon a comparison of the commodity offeredfor sale and that requested for purchase or exchange; display means;means for selecting the matched entry for purchase and/or exchange; and,means for determining and selecting a class of financial derivatives.The data processing means of the system, in turn, further comprises asystem controller which is further comprised of: a data processingsystem; data entry means; memory means; and, communication means forcommunicating data between the system controller and a plurality ofinput and output points.

[0105] To achieve the advantages described herein as well as otheradvantages, and in accordance with the purpose of the present invention,as embodied and broadly described, a preferred embodiment of the presentinvention is a method for allowing information providers to bothdistribute specified information through the Internet and controldissemination of information. This method operates within a system thatincludes a system operator, a plurality of information providers and aplurality of information customers. This method includes the followingsteps: 1) making the information provider's specified informationavailable through a secured website on the Internet; 2) obtaining fromthe information provider a designation of a first subset of theinformation customers that are authorized to receive access to thespecified information on the website; and 3) distributing to each one ofthe first subset of the information customers that are authorized toreceive access to the specified information an ID that can be used toaccess the specified information.

[0106] In an aspect of this method, the system within which the methodoperates is used to facilitate exchange of information pertaining tocommercial real estate available for sale. In addition, the informationproviders are owners or owner representatives that provide informationconcerning the availability of their respective properties for sale.Finally, the information customers are potential buyers orrepresentatives of potential buyers.

[0107] In another aspect of this method for allowing the informationproviders to both distribute specified information through the Internetand control dissemination of information, the method further comprisesrequiring the execution of a non-disclosure agreement by each one of thefirst subset of the information customers that are authorized, beforeeach one of the first subset of the information customers that areauthorized can access the specified information. The execution of thenon-disclosure agreement can be accomplished by clicking through anagreement posted on the Internet.

[0108] Another preferred embodiment of the present invention is a methodfor allowing information providers to both distribute specifiedinformation through the Internet and control dissemination ofinformation. According to this embodiment, the method includes thefollowing steps: 1) making the information provider's specifiedinformation available through a secured website on the Internet; 2)obtaining from the information provider a designation of a first subsetof the information customers that are authorized to receive access tothe specified information on the website; 3) distributing to each one ofthe first subset of the information customers that are authorized toreceive access to the specified information an ID that can be used toaccess the specified information; 4) allowing a second subset ofpotential customers to query a searchable database containing aplurality of descriptions of information; 5) indicating to the secondsubset of potential customers that the specified information existswithout revealing the specified information; 6) if one or more of thesecond subset of potential customers are interested in obtaining accessto the specified information, allowing an interested potential customerto communicate a request for access directed to the system operator; 7)the system operator forwarding the request for access and informationconcerning the interested potential customer requesting access to theinformation provider in response to a request for access; and 8)allowing the information provider to make a decision to grant or denythe request for access and to communicate the decision to the systemoperator. In response to a deny access decision, the interestedpotential customer is notified of the deny decision without learning thespecified information. In response to a grant access decision, thesystem operator grants the interested potential customer access to thespecified information.

[0109] In an aspect of this embodiment of the present invention, themethod further includes requiring the interested potential customer toexecute a non-disclosure agreement prior to allowing the interestedpotential customer access to the specified information. For example, theinterested potential customer executes the non-disclosure agreement byclicking through an agreement posted on the Internet.

[0110] In another aspect of this embodiment of the present invention, aprofile of a member of the second subset of potential customers isobtained by the system operator and transmitted to the informationprovider in response to a request for access. As an additional aspect,before a profile of a member of the second subset of potential customersis transmitted to the information provider in response to a request foraccess, the system operator can authenticate the profile.

[0111] In another aspect of this embodiment of the present invention,the system operator, in response to a request for access, obtains aprofile of the interested potential customer, authenticates the profile,and transmits the profile to the information provider in conjunctionwith the request for access.

[0112] In another aspect of this method, the system operator forwardsthe request for access to the information provider in response to arequest for access, and requests a response from the informationprovider in real time through the Internet or through wireless datatransmission. Optionally, with the request for access, the systemoperator can also forward a profile of the interested potentialcustomer.

[0113] In another aspect of this embodiment of the present invention,the system is used to facilitate exchange of information pertaining tocommercial real estate available for sale. The information providers areowners or owner representatives that provide information concerning theavailability of their respective properties for sale. Finally, theinformation customers are potential buyers or representatives ofpotential buyers.

[0114] Another preferred embodiment of the present invention is a methodfor allowing information providers to both distribute specifiedinformation through the Internet and control dissemination ofinformation. This method operates within a system that includes a systemoperator, a plurality of information providers, and a plurality ofinformation customers. The method begins by making the informationprovider's specified information available through a secured website onthe Internet and allowing potential customers to query a searchabledatabase containing a plurality of descriptions of information. Themethod continues by indicating to the potential customers that thespecified information exists without revealing the specifiedinformation. Then, if one or more of the potential customers areinterested in obtaining access to the specified information, the methodproceeds by allowing an interested potential customer to communicate arequest for access directed to the system operator. The method continuesby having the system operator forward the request for access andinformation concerning the interested potential customer requestingaccess to the information provider in response to a request for access.The method continues by allowing the information provider to make adecision to grant or deny the request for access and to communicate thedecision to the system operator. In response to a deny access decision,the interested potential customer is notified of the deny decisionwithout learning the specified information. In response to a grantaccess decision, the system operator grants the interested potentialcustomer access to the specified information.

[0115] In an aspect of this embodiment of the present invention, theinformation concerning the interested potential customer requestingaccess is a profile of the interested potential customer. Optionally,the system operator can authenticate the profile of the interestedpotential customer before forwarding the profile to the informationprovider.

[0116] In another aspect of this embodiment of the present invention,the system operator forwards the request for access to the informationprovider in response to a request for access, and requests a responsefrom the information provider in real time through the Internet orthrough wireless data transmission.

[0117] In another aspect of this embodiment of the present invention, ifthe request for access is granted, the method involves the additionalstep of requiring execution of a non-disclosure agreement by theinterested potential customer before the system operator grants theinterested potential customer access to the specified information. Theexecution of this non-disclosure agreement can be accomplished byclicking through an agreement posted on the Internet.

[0118] In another aspect of this embodiment of the present invention,the system within which the method operates is used to facilitateexchange of information pertaining to commercial real estate availablefor sale. In addition, the information providers are owners or ownerrepresentatives that provide information concerning the availability oftheir respective properties for sale, and the information customers arepotential buyers or representatives of potential buyers.

[0119] In another aspect of this embodiment of the present invention,the system within which the method operates is used to facilitateexchange of information pertaining to residential real estate availablefor sale. In addition, the information providers are owners or ownerrepresentatives that provide information concerning the availability oftheir respective properties for sale, and the information customers arepotential buyers or representatives of potential buyers.

[0120] Another preferred embodiment of the present invention is a systemfor correlating information stored in a remote database with a user'slocation, retrieving pertinent data files from the database based uponthe user's location, and automatically transmitting the selected datafiles to the user. The system includes user equipment sets, a computer,and a database in communication with the computer. Each user equipmentset includes a display and a location determining device for generatingdata pertaining to the user's location and for transmitting the datapertaining to the user's location to a remote computer automatically.The computer is equipped for wireless communication with geographicallyremote users that are equipped with the equipment sets so as to senddata to the equipment sets and receive data from the equipment setsincluding the data pertaining to the user's location. The databasestores information that includes information identifying a location of aproperty. Within this system, in response to receipt of the datapertaining to a user's location, the computer automatically retrievesinformation pertaining to the user's location and transmits the same tothe user's equipment set for display on the display.

[0121] In an aspect of this embodiment of the present invention, eachuser equipment set further comprises a data input device for allowingthe user to input data. The information is displayed on the display in away that prompts the user to input missing information using the datainput device.

[0122] In another aspect of this embodiment of the present invention,the display is a color display adapted for displaying photographicimages.

[0123] In another aspect of this embodiment of the present invention, inresponse to receipt of the data pertaining to the user's location, thecomputer automatically retrieves information describing commercial orresidential real estate near the user's location and transmits the sameto the user's equipment set for display on the display.

[0124] In another aspect of this embodiment of the present invention, inresponse to receipt of data pertaining to a user's location, thecomputer automatically retrieves information regarding at least one ofcommercial enterprises and landmarks near the user's location andtransmits the same to the user's equipment.

[0125] In another aspect of this embodiment of the present invention,the user's equipment set includes audio capabilities, and theinformation pertaining to the user's location includes audio data.

[0126] In another aspect of this embodiment of the present invention,the computer transmits the information pertaining to the user's locationto the user's equipment set for color display on the display.

[0127] In another aspect of this embodiment of the present invention,the information pertaining to the user's location includes informationon commercial enterprises located near the user's location. Theinformation on commercial enterprises includes information on at leastone of the products, goods, and services provided by the commercialenterprises. In addition, in response to receipt of the data pertainingto a user's location, the computer automatically retrieves theinformation on at least one of products, goods, and services provided bycommercial enterprises near the user's location and transmits the sameto the user's equipment set.

[0128] In another aspect of this embodiment of the present invention,the computer automatically retrieves information describing real estatenear the user's location and the display shows a pop-up window includingthe information describing the real estate.

[0129] In another aspect of this embodiment of the present invention,the information stored in the database includes at least one of thefollowing: square footage available for lease; whether a property isavailable for sale; property address; contact information; and price.With this information in the database, in response to receipt of thedata pertaining to the user's location, the computer automaticallyretrieves information describing the commercial or residential realestate near the user's location and transmits the same to the user'sequipment set for display on the display.

[0130] Optionally, the information stored in the database also includesat least one of the following: a digital image of the commercial realestate; square footage data representing a square footage of thecommercial real estate; data characterizing the selected use of thecommercial real estate; rental price of the commercial real estate; saleprice of the commercial real estate; data about the tenant in thecommercial real estate; a real estate submarket identification; salescomparable information; lender information; a grade indicator of thecommercial real estate, the grade indicator having an alpha numericalrepresentation and being a function of a classification system of thecommercial real estate that is consistent with accepted standards andproviding a representation of the quality of the real estate; aclassification of the commercial real estate based upon at least one ofthe following: a building grade, an age of the building, and anextrapolation of comparable buildings; and information pertaining to thesubmarket including at least one of (i) rents, (ii) vacancy, and (iii)absorption rates for each of the submarket and nearby submarkets, and(iv) other indicators of submarket and location attractiveness.

[0131] Another preferred embodiment of the present invention is acommercial real estate information exchange and market. The exchange andmarket includes a database for storing information about commercial realestate, and computers and communication equipment for allowing aplurality of users to query the database, add data to the database, andretrieve the information from the database. The database contains datarecords, including information pertaining to lease information, saleinformation, comparable sales information, and tenant information.

[0132] In an aspect of this embodiment of the present invention, thedatabase further includes at least one of: data about a tenant in thecommercial real estate; building-specific information including datarepresenting an age of the commercial real estate, and data representingfinancial obligations and tenancy status of the tenant in the commercialreal estate; square footage data representing a square footage of thecommercial real estate; data characterizing a selected use of thecommercial real estate; cost data including a rental price of thecommercial real estate; a real estate submarket identification; aclassification of the commercial real estate based upon at least one ofa building grade, an age of the building, and an extrapolation ofcomparable buildings; and information pertaining to a submarketincluding rent data, vacancy data, and absorption rate data.

[0133] In another aspect of this embodiment of the present invention,the data records include market analytic information.

[0134] Another preferred embodiment of the present invention is a methodfor storing and automatically displaying descriptions and visual imagesof commercial or residential real estate on a display of a user. Themethod involves generating a plurality of digitized video images of realestate, storing data records concerning the real estate; determining alocation of the user; retrieving data records corresponding to theuser's location; and displaying on the display the data recordscorresponding to the user's location. According to the method, eachdigitized video image depicts a real estate. In addition, the datarecords include the digitized video images, textual informationconcerning the real estate, and information identifying the location ofthe real estate.

[0135] Another preferred embodiment of the present invention is a methodfor listing and brokering commercial real estate. The method includesthe following steps: 1) identifying a characteristics of the commercialreal estate and entering the characteristics into a data processingsystem to establish a first exchange market for the commercial realestate based upon the characteristics; 2) identifying a market value forthe commercial real estate and listing the market value on the firstexchange market; 3) determining a class of derivatives based upon apre-selected subset of the characteristics; and 4) establishing a secondexchange market in respect of the derivatives.

[0136] In an aspect of this embodiment of the present invention, thefirst exchange market and the second exchange market are co-locatedwithin the data processing system.

[0137] In another aspect of this embodiment of the present invention,the characteristics include a geographic location, a start date and afinish date, a size, a class of building, and a cost.

[0138] Another preferred embodiment of the present invention is a methodfor establishing a unified group of correlated databases that providesreal estate data to facilitate a real estate transaction. According tothis method, each database of the unified group is a discrete datamodule. The method includes the following steps: (a) associating realestate data entries of a first database of the unified group withcorresponding real estate data entries of the remaining databases of theunified group; (b) collecting the real estate data from real estateindustry data sources; (c) recording the real estate data in the firstdatabase of the unified group; (d) determining an effect of the recordedreal estate data on the remaining databases of the unified group; (e)reconciling remaining real estate data in the remaining databases basedon the effect; and (f) distributing the recorded real estate data andthe reconciled real estate data to real estate industry professionalsand to real estate industry customers.

[0139] In an aspect of this embodiment of the present invention, thereal estate data includes property information and tenant information,and the unified group of correlated databases includes a propertyinformation database and a tenant information database. Optionally, thereal estate data further includes comparable property information,assessment information, and market analytics information, and theunified group of correlated databases further includes a comparableproperty information database, an assessment information database, and amarket analytics information database.

[0140] In another aspect of this embodiment of the present invention,the real estate industry data sources include at least one of propertymanagers, proprietary databases, Internet sources, site inspections,building owners, brokerage firms, real estate investment trust filings,tenant canvassing, public records, and comparable property databases. Inaddition, the step of collecting the real estate data involves thefollowing steps: (i) communicating with at least one of the propertymanagers, the building owners, and the brokerage firms by mail,electronic mail, telephone, or facsimile, if the real estate industrydata sources include at least one of the property managers, the buildingowners, and the brokerage firms; (ii) searching and extracting data fromat least one of the proprietary databases, the Internet sources, and thereal estate investment trust filings, if the real estate industry datasources include at least one of the proprietary databases, the Internetsources, and the real estate investment trust filings; (iii) recordingobserved data from at least one of the site inspections and the tenantcanvassing, if the real estate industry data sources include at leastone of the site inspections and the tenant canvassing; and (iv)extracting data from at least one of the public records and thecomparable property databases, if the real estate industry data sourcesinclude at least one of the public records and the comparable propertydatabases.

[0141] In another aspect of this embodiment of the present invention,collecting real estate data involves receiving web-based input from thereal estate industry professionals and the real estate industrycustomers. Collecting real estate data also involves receivingcommunications from the real estate industry professionals and the realestate industry customers through mail, electronic mail, telephone, orfacsimile. Optionally, collecting the real estate data can furtherinvolve gathering information with a mobile data acquisition vehicle.

[0142] In another aspect of this embodiment of the present invention,reconciling the remaining real estate data involves confirming that thereal estate data entries and the corresponding associated real estatedata entries are internally consistent.

[0143] In another aspect of this embodiment of the present invention,distributing the real estate data involves providing a web-basedinterface in communication with the unified group of correlateddatabases. Optionally, this distributing further involves providingcommunication between parties to a transaction, and providingtransactional services in support of a transaction. Also optionally, themethod further involves providing a derivatives marketplace in which todefine, value, and exchange real estate commodities. These commoditiescould be real estate cost futures.

[0144] In another aspect of this embodiment of the present invention,distributing real estate data involves accepting a property search queryfrom a user, and running the property search query in the unified groupof correlated databases and returning property search results to theuser.

[0145] Optionally, this distributing could involve adding properties tothe property search results as directed by the user without runninganother search query, removing properties from the property searchresults as directed by the user without running another search query,and running negative search queries in the property search results asdirected by the user to remove properties from the property searchresults.

[0146] Also, optionally, this distributing could involve accepting asecond property search query from the user, running the second propertysearch query on the property search results, and returning a second setof property search results to the user.

[0147] In a further embodiment of this aspect of the present invention,the property search results provide data from at least one of leasinghistory of a specific building, history of a market in a particulargeographic area, and history of the specific building relative to themarket.

[0148] In another embodiment of this aspect of the present invention,the method further involves saving the property search query as directedby the user, running the saved property search query at a periodicinterval, and notifying the user of new properties that satisfy theproperty search query. Optionally, the saved property search query hasat least one field that relates to market conditions and at least onenew property satisfies the property search query because of a change inthe market conditions. Also optionally, the saving, running, andnotifying repeat for different users, resulting in a plurality of savedsearches. With these saved searches the method continues by calculatingan amount of saved searches of the plurality of saved searches that willbe satisfied by entry of a new property listing, and reporting theamount to an owner or owner representative so that the owner or ownerrepresentative can maximize demand for the new property listing. Theowner or owner representative can maximize demand for the new propertylisting by setting, for example, an optimum price. The owner or ownerrepresentative can also maximize demand for the new property listing bysetting, for example, an optimum building grade.

[0149] In another aspect of this embodiment of the present invention,distributing real estate data involves disseminating location-sensitiveinformation to a mobile information receiving device. The mobileinformation receiving device determines its location and the unifiedgroup of correlated databases receives the location of the mobileinformation receiving device and transmits the location-sensitiveinformation to the mobile information receiving device.

[0150] In another aspect of this embodiment of the present invention,distributing real estate data involves displaying a user interface;displaying a display element on the user interface to indicate aproperty for which information is recorded in the unified group ofcorrelated databases; providing a link to the information on the userinterface proximate to the display element; allowing a user to selectthe display element; and in response to the selection, retrieving anddisplaying the information. The user selects the display element bydragging a pointer proximate to the display element, in which case theinformation is automatically displayed. The information can be displayedin, for example, a pop-up window.

[0151] Another preferred embodiment of the present invention is a systemfor collecting, distributing, and using real estate data. The systemincludes data sources, data mining applications in communication withthe data sources, a contact management system in communication with thedata sources and the data mining applications, a core data warehouse incommunication with the data mining applications, database processes incommunication with the core data warehouse, and network integrationapplications in communication with the database processes. The datasources gather and generate real estate data. The data miningapplications receive and organize the real estate data into separateinterrelated modules, and evaluate the real estate data and reconcilethe real estate data among the interrelated modules. The contactmanagement system directs the data mining applications to conductcontinuous pollings of the data sources to update the real estate data.The core data warehouse receives and stores the reconciled and updatedreal estate data from the data mining applications. The databaseprocesses access the reconciled and updated real estate data from thecore data warehouse and create database sets. The network integrationapplications manipulate the database sets in response to commands from auser and present results of the manipulation to the user.

[0152] In an aspect of this embodiment of the present invention, thenetwork integration applications comprise at least one of a look upproperty application, a search database application, and an add listingapplication. The search database application can accept property searchqueries from the user, run the property search queries, and returnproperty search results to the user. The search database application canalso add properties to the property search results as directed by theuser without running another search query, remove properties from theproperty search results as directed by the user without running anothersearch query, and run negative search queries as directed by the user toremove properties from the property search results.

[0153] In another aspect of this embodiment of the present invention,the data sources include at least one of property managers, proprietarydatabases, Internet sources, site inspections, building owners,brokerage firms, real estate investment trust filings, tenantcanvassing, public records, and comparable property databases.

[0154] In another aspect of this embodiment of the present invention,data mining applications include at least one of a property informationdatabase, a tenant information database, an assessment informationdatabase, a comparable property information database, and a marketanalytics information database.

[0155] In another aspect of this embodiment of the present invention,the system further includes a mobile information collection device thatprovides functions of the data sources and the network integrationapplications. The mobile information collection device includes a globalpositioning system, an output device, and an input device. The globalpositioning system determines a location of the mobile informationcollection device. The output device is in communication with thedatabase processes and the global positioning system. The output devicereads the location provided by the global positioning system andretrieves and displays the database sets corresponding to the location.The data input device receives changes to the database setscorresponding to the location and transmits the changes to the datamining applications.

[0156] Another preferred embodiment of the present invention is a methodfor securely facilitating buying and selling of real estate properties.The method involves the following steps: (a) maintaining a unified groupof interrelated databases accessible through a global informationnetwork; (b) accepting a property listing from an owner or ownerrepresentative and recording the property listing in the unified group;(c) providing confidentiality agreements to preapproved buyers or buyerrepresentatives named by the owner or owner representative; and (d)providing access to the property listing for buyers or buyerrepresentatives that agree to the confidentiality agreement. Theconfidentiality agreements require that the property listing remainconfidential in return for viewing the property listing.

[0157] In an aspect of this embodiment of the present invention, thebuyer or buyer representative is provided with an electronicidentification key to access the property listing. The key generates avariable password at a predetermined frequency.

[0158] In another aspect of this embodiment of the present invention,the accepting and recording of the property listing involves determiningif the owner or owner representative is fraudulent by posting theproperty listing for viewing by a true owner representative.

[0159] In another aspect of this embodiment of the present invention,the method includes the following additional steps: (e) indicating to anunapproved buyer or buyer representative that the property listingexists; (f) accepting from the unapproved buyer or buyer representativea request to view the property listing; (g) forwarding the request tothe owner or owner representative for approval; (h) if the owner orowner representative approves the request, requiring the unapprovedbuyer or buyer representative to agree to a confidentiality agreementrequiring that the property listing remain confidential in return forviewing the property listing; and (i) if the unapproved buyer or buyerrepresentative agrees to the confidentiality agreement, providing accessto the property listing for the unapproved buyer or buyerrepresentative.

[0160] According to this aspect, optionally, the unapproved buyer orbuyer representative subscribes to an access service that indicates theexistence of property listings in the unified group of interrelateddatabases.

[0161] Also according to this aspect, optionally, the buyer or buyerrepresentative agrees to the confidentiality agreement by clickingthrough an agreement posted on the Internet.

[0162] Also according to this aspect, optionally, forwarding the requestfurther involves forwarding a profile of the buyer or buyerrepresentative to the owner or owner representative. The forwarding ofthe request could also involve authenticating the profile of the buyeror buyer representative.

[0163] Also according to this aspect, optionally, accepting a request toview the property listing further involves obtaining a profile of thebuyer or buyer representative, authenticating the profile, andtransmitting the profile to the owner or owner representative.

[0164] Also according to this aspect, optionally, forwarding the requestto the owner or owner representative involves requesting a response fromthe information provider in real time through the Internet or throughwireless data transmission.

[0165] Another preferred embodiment of the present invention is a methodfor securely facilitating buying and selling of real estate properties.The method includes the following steps: (a) maintaining a unified groupof interrelated databases accessible through a global informationnetwork; (b) accepting a property listing from an owner or ownerrepresentative and recording the property listing in the unified group;(c) indicating to an unapproved buyer or buyer representative that theproperty listing exists; (d) accepting from the unapproved buyer orbuyer representative a request to view the property listing; (e)forwarding the request to the owner or owner representative forapproval; (f) if the owner or owner representative approves the request,requiring the unapproved buyer or buyer representative to agree to aconfidentiality agreement requiring that the property listing remainconfidential in return for viewing the property listing; and (g) if theunapproved buyer or buyer representative agrees to the confidentialityagreement, providing access to the property listing for the unapprovedbuyer or buyer representative.

[0166] In an aspect of this embodiment of the present invention, theunapproved buyer or buyer representative is provided with an electronicidentification key to access the property listing. The key generates avariable password at a predetermined frequency.

[0167] In another aspect of this embodiment of the present invention,the accepting and recording the property listing include determining ifthe owner or owner representative is fraudulent by posting the propertylisting for viewing by a true owner representative.

[0168] In another aspect of this embodiment of the present invention,the unapproved buyer or buyer representative subscribe to an accessservice that indicates the existence of property listings in the unifiedgroup of interrelated databases.

[0169] In another aspect of this embodiment of the present invention,the unapproved buyer or buyer representative agrees to theconfidentiality agreement by clicking through an agreement posted on theInternet.

[0170] In another aspect of this embodiment of the present invention,forwarding the request involves forwarding a profile of the unapprovedbuyer or buyer representative to the owner or owner representative.Optionally, the profile of the unapproved buyer or buyer representativecan be authenticated.

[0171] In another aspect of this embodiment of the present invention,forwarding the request to the owner or owner representative involvesrequesting a response from the information provider in real time throughthe Internet or through wireless data transmission.

[0172] Another preferred embodiment of the present invention is a methodfor underwriting loans for real estate property. The method begins byestablishing a unified group of correlated databases that provides datato facilitate a real estate transaction. Each database is a discretemodule of real estate data. The method continues by providing quotes onindividual loan programs in response to customer requests. The quotesare based on property data in the unified group. The method continues byproviding soft loan quotes based on property data in the unified group.The method ends by providing pre-approved loan quotes to owners ofparticular properties based on real estate data for the particularproperties and market information in the unified group.

[0173] In an aspect of this embodiment of the present invention,providing pre-approved loan quotes involves examining a financialprofile of an owner, examining a property owned by the owner, evaluatingthe property to determine value and market analytics, and formulating apreapproved credit line for the owner based on the property.

[0174] Another preferred embodiment of the present invention is a methodfor listing and brokering real estate commodities and financialderivatives of the real estate commodities. The method involvesidentifying characteristics of the real estate commodities; entering thecharacteristics into a data processing system utilizing a real-timeclock; establishing an exchange market for the real estate commoditiesbased on a pre-selected set of the characteristics; setting a marketprice for the real estate commodities; and establishing classes of thefinancial derivatives.

[0175] In an aspect of this embodiment of the present invention, thecharacteristics can be geographic location, lease term start date range,lease term end date range, building class, volume, or cost.

[0176] In another aspect of this embodiment of the present invention,entering the characteristics into a data processing system involves thefollowing steps: (i) determining whether or not a commodity is beingidentified to the data processing system for a first time; (ii) storingthe characteristics in a commodity database if the commodity is beingidentified to the data processing system for the first time; and (iii)determining a status of the commodity with respect to being a candidatefor purchase, sale, or trade, if the commodity is not being identifiedto the data processing system for the first time.

[0177] In another aspect of this embodiment of the present invention,the classes of financial derivatives can be all commercial real estateavailable during a particular time period in a particular region, allcommercial real estate of a certain class, all commercial real estate ofa certain cost, a lease space equivalent use, or combinations thereof.The lease space equivalent use can include a common descriptive linkbetween varied commodity types, a time period that runs from a date of acontract to a performance date of the commodity, and a contract price.

[0178] Another preferred embodiment of the present invention is a systemfor listing and brokering real estate commodities and financialderivatives of the real estate commodities. This system includes: (a) adata processing means for accepting and storing parameters of anavailable commodity available for sale or exchange; (b) data processingmeans for entering a description of a desired commodity desired forpurchase or exchange; (c) means for determining that a match existsbetween the available commodity and the desired commodity; (d) means fordisplaying the match to a system operator; (e) means for selecting thematch for purchase, exchange, or purchase and exchange; (f) means fordetermining a class of financial derivatives based on a pre-determinedset of characteristics resident in commodity descriptions stored in adatabase; and (g) means for selecting a class of derivatives forpurchase, exchange, or purchase and exchange.

[0179] In an aspect of this embodiment of the present invention, thedata processing means includes a system controller comprising a dataprocessing system, a data management program, data entry means forentering data into the data processing system, memory means for storingmemory, and communication means for communicating data between thesystem controller and a plurality of input and output points. Theplurality of input and output points can include, for example, one ormore commodity input points, one or more commodity receiver points, oneor more commodity brokerage points, and one or more derivative exchangepoints.

[0180] Another preferred embodiment of the present invention is a methodfor shopping for real estate and completing real estate transactions.This method involves providing a mobile information transmitting andreceiving device that is in communication with a database containingreal estate data; determining a location of the mobile informationtransmitting and receiving device using a global positioning system;downloading from the database to the mobile information transmitting andreceiving device real estate data corresponding to the location; anddisplaying on the mobile information transmitting and receiving devicesummary information corresponding to a property listed in the realestate data to which the mobile information transmitting and receivingdevice is nearest.

[0181] In an aspect of this embodiment of the present invention, thismethod includes the additional steps of providing communication betweena buyer or buyer representative and a seller or seller representative ofthe property for approval by the seller or seller representative for theprospective buyer to view details of the property; displaying details onthe mobile information transmitting and receiving device, if approved bythe seller or seller representative; and communicating an offer from thebuyer or buyer representative to the seller or seller representativeusing the mobile information transmitting and receiving device. Inaddition to these added steps, the method could also further involvecompleting an electronic agreement to transfer title of the property ifthe offer is accepted by the seller or seller representative.

[0182] Another preferred embodiment of the present invention is systemfor use in information exchange between a system operator, a pluralityof information providers, and a plurality of information customers. Thesystem allows the information providers to both distribute specifiedinformation through the Internet and control dissemination ofinformation. The system includes means for making the informationprovider's specified information available through a secure website onthe Internet; means for obtaining from the information provider adesignation of a first subset of the information customers that areauthorized to receive access to the specified information on thewebsite; and means for distributing to each one of the first subset ofthe information customers that are authorized to receive access to thespecified information an ID that can be used to access the specifiedinformation.

[0183] In an aspect of this embodiment of the present invention, thesystem is used to facilitate the exchange of information pertaining tocommercial real estate available for sale. In addition, the informationproviders are owners or owner representatives that provide informationconcerning the availability of properties for sale, and the informationcustomers are buyers or buyer representatives.

[0184] In another aspect of this embodiment of the present invention,the system also includes means for providing a description of thespecified information in a searchable database containing a plurality ofdescriptions of information; means for allowing a second subset ofcustomers to query the searchable database and retrieve informationsufficient to show the existence of information responsive to the querywithout revealing all of the information; means for allowing one or moreof the second subset of customers that are interested in obtainingaccess to the complete information to communicate their interest inaccess to the information responsive to the query; means for forwardingthe request for access and information concerning the interestedcustomer requesting access to the information provider in response to arequest for access; and means for allowing the information provider tomake a decision to grant or deny the request for access to theinformation responsive to the query. Within this system, in response toa deny access decision, the interested customer is notified of the denydecision without learning the identity of the information provider. Inresponse to a grant access decision, the interested customer receivesaccess to the specified information.

[0185] According to this aspect, optionally, the means for allowing oneor more of the second subset of customers that are interested inobtaining access to the complete information to communicate theirinterest in access to the information responsive to the query,includes: 1) means for allowing the interested customer to send arequest for access directed to the system operator; 2) means forallowing the system operator to forward the request for access andinformation concerning the interested customer requesting access to theinformation provider in response to a request for access; and 3) meansfor allowing the information provider to make a decision to grant ordeny the request for access and to communicate the decision to thesystem operator. In response to a deny access decision, the interestedcustomer is notified of the deny decision without learning the identityof the information provider. In response to a grant access decision, thesystem operator grants the interested customer access to the specifiedinformation responsive to the query. Optionally, the system can furtherinclude data records containing a profile of each of the second subsetof customers and means for transmitting the profile information toinformation providers in response to a request for access. Also,optionally, the system includes means for forwarding a request foraccess and information concerning the customer requesting access to theinformation provider in response to a request for access, and requestinga response from the information provider in real time through theInternet or through wireless data transmission.

[0186] According to this aspect, optionally, the system further includesmeans for obtaining a non-disclosure agreement from the interestedpotential customer as a condition of receiving access to the specifiedinformation. Optionally, the means for obtaining a non-disclosureagreement from the interested potential customer as a condition ofreceiving access to the specified information includes means forobtaining an electronic signature.

[0187] Another preferred embodiment of the present invention is a systemfor use in information exchange between a system operator, a pluralityof information providers, and a plurality of information customers. Thesystem allows the information providers to both distribute specifiedinformation through the Internet and control dissemination ofinformation. This system includes: (a) means for making the informationprovider's specified information available through a secure website onthe Internet; (b) means for providing a description of the specifiedinformation in a searchable database containing a plurality ofdescriptions of information; (c) means for allowing a customers to querythe searchable database and retrieve information sufficient to show theexistence of information responsive to the query without revealing allof the information; (d) means for allowing one or more of the customersthat are interested in obtaining access to the complete information tocommunicate their interest in access to the information responsive tothe query; (e) means for forwarding the request for access andinformation concerning the interested customer requesting access to theinformation provider in response to a request for access; and (f) meansfor allowing the information provider to make a decision to grant ordeny the request for access to the information responsive to the query.In response to a deny access decision, the interested customer isnotified of the deny decision without learning the identity of theinformation provider. In response to a grant access decision, theinterested customer receives access to the specified information.

[0188] In an aspect this embodiment of the present invention, the meansfor allowing one or more of the customers that are interested inobtaining access to the complete information to communicate theirinterest in access to the information responsive to the query,includes: 1) means for allowing the interested customer to send arequest for access directed to the system operator; 2) means forallowing the system operator to forward the request for access andinformation concerning the interested customer requesting access to theinformation provider in response to a request for access; and 3) meansfor allowing the information provider to make a decision to grant ordeny the request for access and to communicate the decision to thesystem operator. In response to a deny access decision, the interestedcustomer is notified of the deny decision without learning the identityof the information provider. In response to a grant access decision, thesystem operator grants the interested customer access to the specifiedinformation responsive to the query.

[0189] In another aspect of this embodiment of the present invention,the system is used to facilitate the exchange of information pertainingto commercial real estate available for sale. In addition, theinformation providers are owners or owner representatives that provideinformation concerning the availability of properties for sale, and theinformation customers are buyers or buyer representatives.

[0190] In another aspect of this embodiment of the present invention,the system also includes means for obtaining a non-disclosure agreementfrom the interested potential customer as a condition of receivingaccess to the specified information. The means for obtaining anondisclosure agreement from the interested potential customer as acondition of receiving access to the specified information couldinclude, for example, means for obtaining an electronic signature.

[0191] In another aspect of this embodiment of the present invention,the system also includes data records containing a profile of eachcustomer and means for transmitting the profile information toinformation providers in response to a request for access.

[0192] In another aspect of this embodiment of the present invention,the system includes means for forwarding a request for access andinformation concerning the customer requesting access to the informationprovider in response to a request for access, and requesting a responsefrom the information provider in real time through the Internet orthrough wireless data transmission.

[0193] Another preferred embodiment of the present invention is a systemfor correlating information stored in a remote database with a user'slocation, retrieving pertinent data files from the database based uponthe user's location, and transmitting the selected data files to theuser. The system includes user equipment sets, a computer, and adatabase in communication with the computer. Each user equipment setincluding means for inputting or determining a user's geographiclocation and for transmitting information pertaining to the user'slocation to a remote computer. The computer is equipped forcommunication with geographically remote users that are equipped withthe equipment sets so as to send data to the equipment sets and receivedata from the equipment sets including data pertaining to a user'slocation. The database stores information that includes informationidentifying the location of a property. In response to receipt of datapertaining to a user's location, the computer retrieves informationpertaining to the user's location and transmits the same to the user'sequipment set for display on the display.

[0194] In an aspect of this embodiment of the present invention, theinformation pertaining to the user's location includes informationconcerning comparable properties.

[0195] In another aspect of this embodiment of the present invention,the information pertaining to the user's location includes informationconcerning three dimensional video description of properties.

[0196] In another aspect of this embodiment of the present invention,the information pertaining to the user's location includes informationconcerning historical performance of commercial properties.

[0197] In another aspect of this embodiment of the present invention,the information pertaining to the user's location includes informationconcerning comparable lease data for commercial properties.

[0198] In another aspect of this embodiment of the present invention,the information stored in the database includes information pertainingto commercial or residential real estate located proximate to the user'slocation. The information includes at least one of data and imagesdescribing the commercial real estate. In response to receipt of datapertaining to a user's location, the computer retrieves informationdescribing the commercial real estate near the user's current locationand transmits the same to the user's equipment set for display on thedisplay.

[0199] In another aspect of this embodiment of the present invention, inresponse to receipt of data pertaining to a user's location, thecomputer retrieves geographically pertinent information and transmitsthe same to the user's equipment set for display on the display.

[0200] In another aspect of this embodiment of the present invention,the display includes a map of a geographic area; an indicator on the mapto indicate a property for which information is recorded in thedatabase; and (iii) a pop-up window linked to the indicator. The pop-upwindow appears when the user's location is proximate to the property forwhich information is recorded in the database. The pop-up windowdisplays the information recorded in the database. The information caninclude, for example, at least one of a photograph of the property, anaddress of the property, a building class size of the property, abuilding size of the property, a number of floors of the property, ayear in which the property was built, a buyer of the property, a saleprice of the property, a price per square foot of the property, and acap rate of the property.

[0201] Another preferred embodiment of the present invention is a systemfor storing and automatically displaying descriptions and visual imagesof real estate on a user's display. The system includes means forgenerating a plurality of digitized video images of selected realestate, means for storing data records concerning the real estate, meansfor determining a user's geographic location, means for retrieving datarecords corresponding to the user's geographic location, and means fordisplaying on a single display the digitized video images and textualinformation. Each digitized video image depicts a view of a specifiedarea of a real estate property. The data records include, for example,the digitized video images, textual information concerning the realestate, and information identifying the geographic location of the realestate in a computer database.

[0202] In an aspect of this embodiment of the present invention, thesystem also includes means for generating and displaying threedimensional video depictions.

[0203] In another aspect of this embodiment of the present invention,the single display includes a map of a geographic area; an indicator onthe map to indicate a location of a property for which a data recordexists; a link to the data record on the map proximate to the indicator;and a pop-up window proximate to the indicator. The pop-up windowappears when the link is activated and includes at least a portion ofthe data record. The link is activated by, for example, dragging apointer over the indicator, touching a touch screen at the indicator, orvoicing a command to a voice activated response system.

[0204] Another preferred embodiment of the present invention is a systemfor facilitating commercial real estate information loan transactions.The system includes at least one searchable database, a search engine,communication equipment, and a computer. The at least one searchabledatabase contains data records. The data records identify a plurality ofcommercial real estate properties, associate at least one lender witheach of the commercial real estate properties, associate a loancommitment with each of the commercial real estate properties, provideinformation sufficient to evaluate the investment value of the property,and provide a list of qualified buyers or information sufficient toevaluate the credit worthiness of prospective buyers. The search engineallows potential customers to query the searchable database. Thecommunication equipment allows potential customers that are interestedin purchasing a commercial real estate property to communicate theirinterest and lock in the loan commitment associated with that commercialreal estate property subject to qualification of the potential customeras a qualified buyer. The computer determines whether the potentialcustomer is a qualified buyer and prompts the potential customer toprovide further information, if required.

[0205] In an aspect of this embodiment of the present invention, thedata records that identify commercial real estate properties includeinformation pertaining to: square footage data representing a squarefootage of the commercial real estate; data characterizing the selecteduse of the commercial real estate; cost data; data about the tenant inthe commercial real estate; a real estate submarket identification; aclassification of the commercial real estate based on at least one of abuilding grade, an age of the building, and an extrapolation ofcomparable buildings; information pertaining to the submarket includingat least one of rent data, vacancy data and absorption rate data; andbuilding-specific information. The system also includes computers andcommunication equipment for allowing a plurality of users to query thedatabase, add data to the database, and retrieve information from thedatabase.

[0206] Another preferred embodiment of the present invention is a methodfor facilitating commercial real estate information loan transactions.The method begins by providing at least one searchable database thatcontains data records. The data records identify a plurality ofcommercial real estate properties, associate at least one lender witheach of the commercial real estate properties, associate a loancommitment with each of the commercial real estate properties, provideinformation sufficient to evaluate the investment value of the property,and provide a list of qualified buyers or information sufficient toevaluate the credit worthiness of prospective buyers. The methodcontinues by allowing potential customers to query the searchabledatabase to identify commercial real estate properties of interest. Inresponse to such queries, the method continues by presenting thepotential customers with information sufficient to evaluate theinvestment value of each property and the loan commitment associatedwith that commercial real estate property. The method continues byallowing potential customers that are interested in purchasing acommercial real estate property to communicate their interest and lockin the loan commitment associated with that commercial real estateproperty subject to qualification of the potential customer as aqualified buyer. The method ends by determining whether the potentialcustomer is a qualified buyer and prompting the potential customer toprovide further information, if required.

[0207] Another preferred embodiment of the present invention is a systemfor facilitating commercial real estate information loan transactions.The system includes at least one searchable database, a search engine,and communication equipment. The at least one searchable databasecontains data records that identify a plurality of qualified buyers ofcommercial real estate together with information sufficient to evaluatethe credit worthiness of each of the qualified buyers listed, andassociate either a category of interest or past purchase informationindicative of a category of interest with each qualified buyer. Thesearch engine allows potential sellers of commercial real estate toquery the searchable database. The communication equipment allowspotential sellers of commercial real estate property to communicateinformation concerning their property to qualified buyers.

[0208] In an aspect of this embodiment of the present invention, thedata records that contain information concerning commercial real estateproperties include information pertaining to square footage datarepresenting a square footage of the commercial real estate; datacharacterizing the selected use of the commercial real estate; cost dataincluding a rental price of the commercial real estate; data about thetenant in the commercial real estate; a real estate submarketidentification; a classification of the commercial real estate basedupon at least one of a building grade, an age of the building, and anextrapolation of comparable buildings; information pertaining to thesubmarket including rent data, vacancy data and absorption rate data;and building-specific information. In addition, the system also includesa computer for allowing qualified buyers to access the informationconcerning commercial real estate properties for which they receiveinformation from potential sellers.

[0209] Another preferred embodiment of the present invention is a methodfor facilitating commercial real estate information loan transactions.The method begins by providing at least one searchable databasecontaining data records. The data records identify a plurality ofqualified buyers of commercial real estate together with informationsufficient to evaluate the credit worthiness of each of the qualifiedbuyers listed; and associate either a category of interest or pastpurchase information indicative of a category of interest with eachqualified buyer. The method continues by providing a search engine forallowing potential sellers of commercial real estate to query thesearchable database. The method ends by allowing potential sellers ofcommercial real estate property to communicate information concerningtheir property to qualified buyers. The information includes marketinformation and building-specific information.

[0210] Another preferred embodiment of the present invention is a methodfor providing information concerning real estate property. The methodinvolves displaying a user interface; displaying a display element onthe user interface to indicate a real estate property; linking thedisplay element to a data entry for the real estate property; allowing auser to select the display element; and, in response to selection of thedisplay element, retrieving and displaying information from the dataentry.

[0211] In an aspect of this embodiment of the present invention, theuser selects the display element by dragging a pointer proximate to thedisplay element, in which case the information from the data entry isautomatically retrieved and displayed.

[0212] Optionally, the information from the data entry is displayed in apop-up window. Also, optionally, the method also involves allowing theuser to click on the pop-up window to receive more information from thedata entry.

[0213] In another aspect of this embodiment of the present invention,the user selects the display element clicking through the indicator,using a touch screen, or using a voice activated response system.

[0214] In another aspect of this embodiment of the present invention,the information includes one or more of an image of the real estateproperty, audio content relating to the real estate property, video ofthe real estate property, and textual information on the real estateproperty. The textual information includes one of an address of the realestate property, a building class size of the real estate property, abuilding size of the real estate property, a number of floors of thereal estate property, a year in which the real estate property wasbuilt, a buyer of the real estate property, a sale price of the realestate property, a lease price of the real estate property, a price persquare foot of the real estate property, and a cap rate of the realestate property.

[0215] In another aspect of this embodiment of the present invention,the user interface is a chart and the display element is a textuallisting of the real estate property.

[0216] In another aspect of this embodiment of the present invention,the user interface is a map and the display element is an icon. The iconcan signify a characteristic of the real estate property. For example,the icon could signify that the real estate property is an office space,an industrial space, or a retail space. Or, the icon could signify thatthe real estate property is a condominium, a townhouse, or a singlefamily home. The icon could also signify the price range of the realestate property or the price of the real estate property.

[0217] Underlying the seemingly automatic retrieval of location-basedinformation of the previous preferred embodiment of the presentinvention, another preferred embodiment of the present invention is adatabase containing data concerning real estate information and/or otherinformation of interest, including merchant information, touristinformation, service provider information, and the like. The informationin the database is correlated with geographic location information toallow data pertaining to a particular geographic location to beretrieved. Information may be retrieved on demand in response to userqueries or searches, or the information may be retrieved in response topredetermined system queries. The use of the predetermined systemqueries allows the seemingly automatic display of pertinent informationas mentioned before.

[0218] The ability to automatically retrieve information correspondingto a geographic location in response to predetermined queries can beused in various contexts. As mentioned before, the information can beused in conjunction with a GPS or other position determining system toautomatically display geographically relevant information based on auser's position, whether in a vehicle or using a handheld system. Theautomatic retrieval can also be used to provide a user-friendlygraphical user interface for accessing information stored in thedatabase.

[0219] In accordance with one important aspect of the present invention,the system includes software for providing a unique graphical userinterface for displaying information retrieved from a database.Specifically, when data is retrieved from the database (either as aresult of a user query or a predetermined query), only a portion of thedata retrieved is displayed. The remaining data is stored locally forquick retrieval, such as in a cache. The portion of the data that isdisplayed may be displayed in a text grid/spreadsheet/chart format.Optionally, the data may be displayed in a map format.

[0220] In accordance with one aspect of the present invention, toprovide an uncluttered, yet user-friendly interface, only a subset ofthe data that is retrieved is displayed. Additional data isautomatically displayed in response to a user input, such as passing apointing device icon over text on the grid/spreadsheet/chart or over anicon on the map display. In the embodiment described herein, the dataretrieved, but not initially displayed, is a digital image of theproperty presented with address and/or price information. The interfacefurther includes a means for users to optionally retrieve even furtherinformation from the database by, for example, selecting (e.g., with apointing device) text or an icon representing the desired information.It should be understood, however, that this graphical user interfacefeature is more widely applicable and, indeed, can be used in connectionwith any system where there is an advantage to use of this displaytechnique.

[0221] In accordance with another important aspect of the presentinvention, icons can be used to provide information about the propertiesshown in the text grid/spreadsheet/chart or on the map view of the userinterface. In the map view, for instance, an icon's location on a mapprovides geographic location information. To provide furtherinformation, the icon may be in a shape or appearance that conveysinformation concerning the type of property, the cost of the property,or the identity of the broker listing the property. Further, the iconmay be a small digital image (thumbnail image) of the property itself toconvey further information.

[0222] Another embodiment of the present invention provides a system andmethod for presenting, through a unique user interface, commercial realestate tenant information in relation to property information. Theunique user interface provides users with an intuitive and convenienttool for accessing tenant information relating to a building. In aspecific implementation, the user interface is an image of the buildingto which the tenant information corresponds.

[0223] The graphical user interface features described herein may beused in various combinations to customize functionality for differentpurposes to leverage the use of the database. For example, it ispossible for the system operator to provide custom content forindividual brokers by using predetermined queries to display onlyproperties listed by a particular broker and by displaying theinformation as an essentially seamless part of the broker's web site.The hierarchical display of information retrieved from the database canbe used in other contexts in which display of too much information isconfusing or impractical, and resubmitting queries to get basicinformation is too cumbersome for users. Thus, the present inventionalso provides graphical user interface tools with broad applicability.

[0224] Related to the provision of custom content to individual brokers,another embodiment of the present invention provides a system and methodfor supplying content from a central database to affiliated web sites.This embodiment provides access to a comprehensive, up-to-date,integrated commercial real estate database, from which data can be drawnto support commercial real estate web sites for brokerage companies orindividual brokers. As an example, in this embodiment, a broker uses asite template (e.g., graphical user interface) containing modifiableportions and portions that link to the integrated commercial real estatedatabase.

[0225] The present invention also provides communication and analyticaltools that interface with a commercial real estate database and supportcommercial real estate transactions. These communication and analyticaltools include: 1) a survey tool; 2) a commercial real estate transactiontool; 3) a tour scheduling tool; 4) an activity summary tool; and 5) atool for analyzing commercial real estate data.

[0226] An embodiment of the present invention provides, in a systemcomprising a real estate database containing information regardingcommercial real estate properties, a method for disseminatinginformation contained in the real estate database. The method includesaccepting search criteria from a user; searching the real estatedatabase for information that meets the search criteria; reportingsearch results to the user, wherein the search results include theinformation that meets the search criteria; receiving a file from theuser; associating the file with the search results and the searchcriteria; and providing the user with access to the search criteria, thesearch results, and the associated file.

[0227] The search criteria are, for example, space requirements of aprospective tenant or buyer, or are information requirements of acommercial real estate professional. The file can include, for example,a spreadsheet, a document, or a brochure. The method can also includereceiving instructions from the user to provide a second user withaccess to the search criteria, the search results, and the associatedfile, and then providing the second user with the access. The user couldbe, for example, a broker in a brokerage firm, while the second usercould be a client of the broker, a broker who is a member of thebrokerage firm, or a broker who is not a member of the brokerage firm.

[0228] Another embodiment of the present invention provides a system forcollecting, distributing, and using real estate data. The systemincludes data sources that gather and generate the real estate data. Thesystem also includes data mining applications in communication with thedata sources. The data mining applications receive and organize the realestate data into separate interrelated modules, and evaluate the realestate data and reconcile the real estate data among the interrelatedmodules. The system also includes a contact management system incommunication with the data sources and the data mining applications.The contact management system directs the data mining applications toconduct continuous pollings of the data sources to update the realestate data. The system also includes a core data warehouse incommunication with the data mining applications. The core data warehousereceives and stores the reconciled and updated real estate data from thedata mining applications. The system also includes database processes incommunication with the core data warehouse. The database processesaccess the reconciled and updated real estate data from the core datawarehouse and create database sets. The system also includes a searchdatabase application in communication with the data processes. Thesearch database application accepts a property search query from theuser and reports search results to the user. The search results includereal estate data in the core data warehouse that meet the user's searchquery. The search database application is adapted to receive files fromthe user and associate the files with the search results.

[0229] In an aspect of this embodiment, the search database applicationis adapted to provide the user with access to the search results and theassociated files. In addition, the search database application can beadapted to receive instructions from the user to provide a second userwith access to the search results and the associated files, and toprovide the second user with the access.

[0230] Another embodiment of the present invention provides a method forfacilitating a commercial real estate transaction. This method includesreceiving space requirements from a user; searching a commercial realestate database for spaces meeting the space requirements; reporting tothe user the spaces meeting the space requirements; receiving from theuser selected spaces from among the spaces meeting the spacerequirements, wherein the selected spaces are spaces for which the userwants to confirm availability; forwarding electronic communications torepresentatives of the selected spaces, wherein the electroniccommunications request confirmation of availability of the selectedspaces; updating the commercial real estate database in response toreceiving denials of space availability; and reporting, to the user,available spaces from among the selected spaces in response to receivingconfirmations of space availability for the available spaces.

[0231] In an aspect of this embodiment, the method further includesreceiving from the user final chosen spaces from among the availablespaces, wherein the final chosen spaces are spaces for which the userwants proposals; forwarding second electronic communications torepresentatives of the final chosen spaces, wherein the secondelectronic communications request proposals on behalf of the user forthe final chosen spaces; and reporting, to the user, the proposals fromthe representatives of the final chosen spaces.

[0232] In another aspect of this embodiment, the method includesproviding the user with comparisons of the proposals.

[0233] In another aspect of this embodiment, the method includesconsulting the commercial real estate database to determine locations ofthe final chosen spaces; receiving, from the user, times to spendvisiting each of the final chosen spaces; determining an order in whichto visit the final chosen spaces; calculating travel times between thefinal chosen spaces based on the order and the locations; anddetermining a tour of the final chosen spaces based on the visitingtimes and the travel times. Determining the order can involve receivingthe order from the user. Alternatively, the order can be based on one ofshortest time and shortest distance.

[0234] In another aspect of this embodiment, the method includesforwarding to the user and to the representatives of the final chosenspaces a third electronic communication providing access to the tour.

[0235] In another aspect of this embodiment, the method includesdisplaying the tour on a map that shows a route between the final chosenspaces. The map can include an icon indicating the location of a finalchosen space. The icon can be linked to data in the commercial realestate database that corresponds to the final chosen space, and can beadapted to be activated to provide access to the data.

[0236] In another aspect of this embodiment, the method includesreporting, to the representatives of the final chosen spaces, therequests for proposals along with other requests for proposals on theirrespective spaces.

[0237] Another embodiment of the present invention provides a method forreporting tasks completed in commercial real estate transactions. Thismethod comprises storing information pertaining to a property in acommercial real estate database; associating the property with arepresentative of the property; facilitating searches of the commercialreal estate database for spaces meeting designated space requirements,wherein the property meets the designated space requirements for anumber of the searches; and reporting the number to the representative.

[0238] In an aspect of this embodiment, the method also includesreceiving requests to confirm availability of the property, andreporting, to the representative, the number of requests to confirmavailability of the property.

[0239] In another aspect of this embodiment, the method also includesreceiving requests for proposals for the property, and reporting, to therepresentative, the number of requests for proposals for the property.

[0240] In another aspect of this embodiment, the method also includesreceiving schedules for tours of the property, and reporting, to therepresentative, the number of tours of the property. The representativecan include one or more brokers and reporting the number of tours of theproperty can include reporting the number of tours given by each of theone or more brokers.

[0241] In another aspect of this embodiment, the method also includesreceiving, from the representative, proposals on the property, andreporting, to the representative, the number of proposals on theproperty. The representative can include one or more brokers andreporting the number of proposals on the property can include reportingthe number of proposals issued by each of the one or more brokers.

[0242] In another aspect of this embodiment, the method also includesreporting the number to an owner of the property.

[0243] Another embodiment of the present invention provides a method formonitoring activities of a commercial real estate broker. This methodincludes providing a commercial real estate database that associates thebroker with properties that the broker represents; facilitating searchesof the commercial real estate database for spaces meeting designatedspace requirements, wherein the properties meet the designated spacerequirements for a number of the searches; and reporting the number tothe broker.

[0244] In an aspect of this embodiment, the number is broken downaccording to each property of the properties that the broker represents.

[0245] In another aspect of this embodiment, the method also includesreceiving requests to confirm availability of the properties, andreporting, to the broker, the number of requests to confirm availabilityof the properties.

[0246] In another aspect of this embodiment, the method also includesreceiving requests for proposals for the properties, and reporting, tothe broker, the number of requests for proposals for the properties.

[0247] In another aspect of this embodiment, the method also includesreceiving schedules for tours of the properties, and reporting, to thebroker, the number of tours of the properties. The broker can includeone or more agents and reporting the number of tours of the propertiescan include reporting the number of tours given by each of the one ormore agents.

[0248] In another aspect of this embodiment, the method also includesreceiving, from the broker, proposals on the properties, and reporting,to the broker, the number of proposals on the properties. The broker caninclude one or more agents and reporting the number of proposals on theproperties can include reporting the number of proposals issued by eachof the one or more agents.

[0249] Another embodiment of the present invention provides a system foranalyzing commercial real estate market conditions. This system includesa database for storing information about commercial real estate. Thedatabase contains data records, including information pertaining tolease information, sale information, comparable sales information, andtenant information. The system also includes an analytical applicationin communication with the database. The analytical application isadapted to receive characteristics of a property, to retrieve datapertinent to the characteristics from the database, and to displayhistorical trends and forecasts of the real estate market conditionsbased on the data retrieved from the database.

[0250] In an aspect of this embodiment, the forecasts are based onprojected data in the database. The projected data can be projectedabsorption, projected construction starts, projected buildingdeliverables, or projected lease expiration. The projected absorptioncan be based on one of preceding year average; five year average; medianquarter value; mean quarter value; % seq positive growth; % seq negativegrowth; best of four quarters; and worst of four quarters. The projectedconstruction starts can be based on one of preceding year average; fiveyear average; mode quarter value; average quarter value; and % of fiveyear average.

[0251] In another aspect of this embodiment, the historical trends andthe forecasts include at least one of absorption, deliveries, andvacancy; rental rates; occupancy rates; percent leased rates; vacancy byspace type; direct and sublet vacant square footage; occupancy andleased rates; current rental rates; vacancy and rental rates; and netabsorption rates.

[0252] These and other objects, aspects, and advantages of the presentinvention are described in greater detail in the detailed description ofthe invention, the appended drawings, and the claims. Additionalfeatures and advantages of the invention will be set forth in thedescription that follows, will be apparent from the description, or maybe learned by practicing the invention.

BRIEF DESCRIPTION OF THE DRAWINGS

[0253]FIG. 1 shows the overall system architecture of the presentinvention, according to a preferred embodiment of the present invention.

[0254]FIG. 2 is a schematic representation of the mobile informationgathering system and related system architecture, according to apreferred embodiment of the present invention.

[0255] FIGS. 3-16 are slides that graphically depict the commercial realestate market and the process for transactions within that market, toprovide the context in which a preferred embodiment of the presentinvention operates.

[0256] FIGS. 17-34 are slides that graphically depict a preferredembodiment of the system and method for collection and distribution ofinformation according to the present invention.

[0257] FIGS. 35-71 are web screen shots that depict a preferredembodiment of the system and method for collection, distribution and useof information according to the present invention.

[0258]FIG. 72 is a high level overview of the proposed method and systemfor listing, brokering, and exchanging carrier capacity, according to apreferred embodiment of the present invention.

[0259]FIG. 73 is a drawing of the apparatus that can be used as an entrypoint into the system to utilize the method, according to a preferredembodiment of the present invention.

[0260]FIG. 74 is a schematic diagram of a user interface through whichto access tenant information, according to an embodiment of the presentinvention.

[0261]FIG. 75 is a graph illustrating the timeliness and reliability ofcomparable sales information as a function of sales cycle, according toan embodiment of the present invention.

[0262]FIG. 76 is a schematic diagram of a site template containingmodifiable portions and portions that link to an integrated commercialreal estate database, according to an embodiment of the presentinvention.

[0263] FIGS. 77-84 are screen shots that depict an exemplary surveytool, according to an embodiment of the present invention.

[0264] FIGS. 85-95 are screen shots that depict an exemplary commercialreal estate transaction tool, according to an embodiment of the presentinvention.

[0265] FIGS. 96-99 are screen shots that depict an exemplary tourscheduling tool, according to an embodiment of the present invention.

[0266]FIG. 100 is a screen shot that depicts an exemplary tenant-brokerstatus page, according to an embodiment of the present invention.

[0267] FIGS. 101-116 are screen shots that depict an exemplaryanalytical tool, according to an embodiment of the present invention.

DETAILED DESCRIPTION OF THE INVENTION

[0268] The system of the present invention, the preferred embodiment ofwhich is referred to as COSTAR EXCHANGE™, is a web-based marketplacethat efficiently and securely facilitates the buying and selling ofcommercial properties.

[0269] The invention includes, but is not limited to the following: alarge-scale database of commercial properties for sale (over 38,000commercial properties with a combined asset value in excess of $40billion in the preferred embodiment); a secure web service, thepreferred embodiment of which is known as COSTAR EXCHANGE,™ fordistributing the information; and communication and data processingequipment that allow sellers of properties to list extensive informationabout their properties for sale on the site at no cost. The site affordsan efficient means for these sellers to reach a large universe ofpotential buyers. In the currently preferred embodiment, potentialbuyers pay a subscription fee to access the system. Sellers ofinvestment-grade properties have the additional option of selectinglimited, secure distribution of their properties in order to addressconfidentiality requirements.

[0270] The system of the present invention makes it possible for a userto extract data relating to virtually every aspect of a commercial realestate transaction. Although the data is described as being containedwithin a “database,” data can be stored in a plurality of linkedphysical locations or data sources. The significant aspect is that thedatabase contains information relating to areas that have previouslybeen only accessible in isolation from one another. By providing aunified data model and a system for forming a variety of queries againstthe unified database, it is possible to understand with precision therelationship between market factors that have heretofore only beenunderstood in an anecdotal way. For example, prior to the presentinvention, a commercial real estate investor might have recognized thevalue of investing in a particular building that had low vacancy but waslocated in an area of extremely high vacancy. If so, this investor mightalso be interested in knowing that a building that is on the market haslost a big tenant. Prior to the system of the present invention,however, there has been no unified way of storing an investor'sinvestment criteria and continually monitoring the market so as to havethe ability to provide a real-time alert when a property matching theinvestor's investment criteria has become available. This advantage isachieved because databases containing leasing information are linkedwith databases concerning buildings for sale, which are linked todatabases that store a particular investor's investment criteria, whichare linked to databases that store the data necessary to determinemarket conditions, and so on. It is through the connections ofpreviously discrete databases that the synergies and advantages of thepresent invention arise.

[0271] In this sense, the present invention resides in theinterconnection of related pieces of information that allows a trueunderstanding and deep appreciation of a commercial real estate market.The user of the system of the present invention has the ability tounderstand data in context, because the data in one data source isinfluenced by other data sources that have heretofore not beenconnected.

[0272] The data stored in the databases of the present invention is fromvarious sources. For example, property information can be obtained byresearching information sold and information available. Tenantinformation can be obtained through personal inspection of propertiesand from brokers. Market analytics is obtained through an historicalanalysis. In addition, tax assessment information provides yet anothersource of information.

[0273] Another way of gathering information is through a mobileinformation-collecting device, according to another aspect of thepresent invention. The mobile information-collecting device is a truckor other vehicle that is equipped with a GPS system and a link to thedatabases of the system of the present invention. The device furtherincludes a display screen and input device, and can include a webcamera. The system is designed such that the location of the truck orother mobile information gathering device at any particular instance iscorrelated to the database so that information concerning properties inthe vicinity of the truck is automatically displayed on the displayscreen located in the truck. Thus, as a truck passes a particularcommercial real estate building, information pertaining to that buildingis displayed, and the operator can determine whether additionalinformation has to be gathered or whether information obtained in thedatabase should be modified. The important thing is that the systemautomatically retrieves and displays the entirety of the currentlyavailable information so that the operator can determine if pieces ofinformation are missing or need to be updated.

[0274] The mobile information gathering system of the present inventionhas other applications as well. For example, a similar device is used inconnection with residential real estate listings to display pertinentinformation and directions to the nearest available home for sale. Thepertinent information could include, for example, photographs thatpop-up on the display as the mobile information-collecting devicetravels. Likewise, the system displays information concerning merchants,service providers, or tourist attractions within a particular area in anon-commercial setting. For example, the GPS in a passenger car islinked to a database that contains information about local merchants,such as restaurants. As the driver approaches these restaurants, thesystem displays advertisements or other information pertaining to therestaurants.

[0275] Thus, in accordance with the present invention, the systemprovides location-sensitive real estate information automatically andperforms other useful tasks by correlating a vehicle's instantaneousposition to data stored in a remote database. The system identifiesgeographically pertinent information and transmits the geographicallypertinent information to the vehicle for display on the display panelwithin the vehicle or, perhaps, for audio announcements to the vehicleoccupant.

[0276] System Architecture

[0277]FIG. 1 shows the overall system architecture of a preferredembodiment of the present invention. As shown, the principal componentsof the system architecture include data sources A10, a contactmanagement system A14, data mining applications A12, a core datawarehouse A16, database processes A18, and Internet integrationapplications A20. Broadly stated, contact management system A14 directsdata mining applications A12 to obtain commercial real estateinformation from data sources A10; data mining applications A12 gather,organize, and transmit the information to core data warehouse A16;database processes A18 access the information from core data warehouseA16 and organize it for manipulation by Internet integration applicationA20 (e.g., by building database sets); and Internet integrationapplication A20 presents the information to the end user for review andmanipulation by the user. In terms of input and output, data sourcesA10, contact management system A14, and data mining applications A12represent the input side of the system architecture, while databaseprocesses A18 and Internet integration application A20 represent theoutput side to which an end user of the system is connected.

[0278] Data sources A10 represent a vast network of entities generatinginformation about commercial real estate. Each entity maintainsinformation specific to the business or process in which it is involved.Contact management system A14 directs the input systems of data miningapplications A12 to conduct continuous pollings of data sources A10. Byconducting continuous, periodic polling of data sources A10, data miningapplications A12 ensure that core data warehouse A16 contains up-to-dateinformation.

[0279] Data sources A10 include such data repositories as propertymanagers A22, proprietary databases A24, Internet A26, site inspectionsA28, building owners A30, brokerage firms A32, REIT filings A34, tenantcanvassing A36, public records A38, and comparable information researchfirms A40. Property managers A22, building owners A30, and brokeragefirms A32 maintain records on the individual properties in which theyare involved, concerning such information as transaction histories andcharacteristics of a property. To obtain this information, contactmanagement system A14 supports communications (e.g., by telephone ore-mail) between representatives operating the present invention and thepersonnel of property managers A22, building owners A30, and brokeragefirms A32.

[0280] Proprietary databases A24, Internet A26, and REIT filings A34 aredata source entities that require review by personnel associated withcontact management system A14 and data mining applications A12. Thepersonnel pull the pertinent information from these data sources forgathering by data mining applications A12 and storage by core datawarehouse A16.

[0281] Site inspections A28 and tenant canvassing A36 are data sourceentities that target specific regions or properties on which to obtaincommercial real estate information. Typically, this information isobtained manually by visiting a particular location and recordingobservations and/or by using a mobile information gathering system.

[0282] Public records A38 and comparable information research firm A40are automated data source services that digitally record information andautomatically transmit the information to data mining applications A12.

[0283] Data mining applications A12 receives the information from datasources A10 into separate modules or applications, including, in apreferred embodiment of the present invention, property informationapplication A42, market analytics application A44, tenant informationapplication A46, assessment information application A48, and comparablesinformation application A50.

[0284] Property information application A42 and tenant informationsource A46 receive information from property managers A22, proprietarydatabases A24, Internet A26, site inspections A28, building owners A30,brokerage firms A32, REIT filings A34, and tenant canvassing A36.Assessment information application A48 receives information from publicrecords A38. Comparables information application A50 receivesinformation from comparable information research firm A40. As sort of ahybrid of property information application A42 and tenant informationapplication A46, market analytics application A44 receives informationfrom data sources A10 through property information application A42 andtenant information application A46 and conducts analyses of the data topresent historical evaluations of transactions.

[0285] Property information application A42 includes sales informationon properties, such as physical characteristics, available space,selling price, and income expense statements. Tenant informationapplication A46 includes leasing information such as lease turnoverdates, average price per square foot, and the types of tenant underlease. Market analytics application A44 draws on information fromproperty information application A42 and tenant information applicationA46 to analyze transactions over a long period of time (e.g., ten years)to provide valuable historical performance data. Assessment informationapplication A48 includes property valuations, e.g., tax assessments.Comparables information application A50 includes broad marketinformation that enables accurate comparisons of property values based,for example, on type of building structure and geographic proximity.

[0286] Each of the modules of data mining applications A12 is highlyinterrelated with other modules, such that a change of information inone module necessitates a change of information in another. For example,if tenant canvassing A36 learns that a tenant has moved out of propertyA and into property B, tenant information application A46 must noteunder the tenant's information the new space the tenant occupies;additionally, and as a direct result of the transaction, propertyinformation application A42 must note the new vacant space in property Aand the now occupied space in property B. In turn, the adjustments inoccupancy affect the analysis performed by market analytics applicationA44, e.g., if property A is now left with a low occupancy rate, itcompares unfavorably to other properties similarly situated. Inaddition, considering the likely scenario that property B was occupiedby a previous tenant who moved elsewhere, the seemingly singular eventof the initial transaction (tenant's move from property A to property B)is actually a part of a series of transactions through the interrelatedmodules of data mining applications A12. As a helpful analogy, datamining applications A12, with its group of interrelated modules, iseffectively an enormous accounting ledger that tracks property spaceinstead of dollars, and records a series of related transactions inzero-sum fashion, akin to credits and related debits. After recording asingle transaction, the present invention reconciles the entries in eachinterrelated module by confirming that the interrelated entries areinternally consistent.

[0287] As data mining applications A12 receive real estate informationfrom data sources A10 and process the impact of that information throughthe modules or applications, the information is stored and constantlyupdated in core data warehouse A16. Database processes A18 access thisdata from the output side of core data warehouse A16 and create databasesets compatible with formats required by Internet integrationapplication A20. Internet integration application A20 manipulates thedatabase sets in response to commands from a user, and presents theresults of database manipulations, e.g., search query results, to theuser in the form of graphical user interfaces. The specificmanipulations executed by Internet integration application A20 aredescribed below in more detail under the subheading “DetailedDescription—Website Operation.”

[0288] Another embodiment of the present invention provides acoordinated method and system for collecting data for a commercial realestate database having distinct but related categories of information.According to this embodiment, the system enters information concerningone category of information into the database, and then determines therelevance of that entered information to other categories ofinformation. If the entered information is deemed relevant to a secondcategory of information, then the system notifies a researcherresponsible for collecting data for the second category of information.The system then provides the researcher with the entered information.

[0289] For a nationwide commercial real estate database, the collectionand maintenance of data is an enormous undertaking, involving numerousindividuals. Updating the data may involve, for example, researchers inthe field gathering information concerning, among other things,commercial real estate that is for sale. In conducting this research,the researchers may come across information that is important toresearchers responsible for other categories of information, as well.For example, a researcher may determine that a building previouslylisted as for-sale has been sold. This completed sale information wouldbe highly relevant to researchers tracking comparable sales information.Without contact with the for-sale property researchers, however, theseother comparable sales researchers would typically have to wait for theinformation to arrive through other sources such as county records anddeeds.

[0290] Thus, it is advantageous to pass the completed sale informationalong to the researcher tracking comparable information. However, in alarge-scale operation, it is virtually impossible to pass information ona person-to-person basis. Thus, there is a need to automate the process.

[0291] In accordance with an embodiment of the present invention,therefore, a system automatically forwards information to otherresearchers whose research criteria relate to that information. Forexample, information on a completed building sale, which is tracked byfor-sale property researchers, is automatically sent to researcherstracking comparable sale information. In this way, the researchertracking comparable sales information can begin research immediatelyfollowing the building sale and does not have to wait to receive thedeed or assessment record from the county.

[0292] In reference to FIG. 1, this example would include a firstresearcher who collects data on for-sale properties and a secondresearcher who collects data on comparable sales properties (i.e.,completed sales). The for-sale researcher and comparable salesresearcher would be a part of contact management system A14, and wouldpoll data sources A10. As the for-sale researcher polls data sources A10and records properties that have been sold, data mining applications A12determines that that sale information is relevant to comparable salesinformation as well. Accordingly, data mining applications A12 notifythe comparable sales researcher of the update and provide the comparablesales researcher with the related information.

[0293] The coordinated research of this embodiment demonstrates thevalue of having a fully integrated database, which, in this instance,relates to commercial real estate. Another advantage afforded by acomprehensive integrated commercial real estate database is the abilityto link comparable sales records to current lists of tenants inparticular buildings.

[0294] In a further embodiment of data collection, FIG. 2 is a schematicrepresentation of a mobile information gathering system and relatedsystem architecture. As shown, the mobile information-collecting deviceis a truck 100 that is equipped with a GPS system 110 and a link fordata transmission (through wireless network 120, the Internet 130 and/orby express shipping 140) to the databases 200 of the system of thepresent invention which are shown at a dispatch center 170. The device(truck) 100 further includes a display screen, audio output and datainput device (here in the form of a portable computer 105), and can alsoinclude a web camera 115 that transmits a continuous “driver's eye” viewto the dispatch center 170. Other equipment includes digital camera 112,wireless telephone 114, and other computer and communication equipment.

[0295] The system is designed such that the location of the truck orother mobile information gathering device 100 at any particular instanceis correlated to the database 200 so that information concerningproperties in the vicinity of the truck is automatically displayed onthe display screen located in the truck. Thus, as a truck passes aparticular commercial real estate building, information pertaining tothat building is displayed, and the operator can determine whetheradditional information has to be gathered or whether informationobtained in the database should be modified. The important thing is thatthe system automatically retrieves and displays the entirety of thecurrently available information so that the operator can determine ifpieces of information are missing or need to be updated.

[0296] As shown, in the context of the system of the present invention,the mobile data gathering and dissemination vehicle 100 is coordinatedby a central system 170 for tracking and dispatch of mobile vehicles100. Using a multiple network access and routing device 180, the systememploys least cost routing for data transfer system for transmittingdata from the mobile vehicle. The mobile data gathering anddissemination vehicle plays an important role in quality control andsynchronization of data stored in data sources by periodically verifyingand filling gaps in the data stored in the databases. The system alsocross checks data sources and prompts the input agent (whether in thefield or a central office) to make necessary changes in databasesaffected.

[0297] An important and more widely applicable aspect of the presentinvention is correlation of data stored in a remote location to vehicleposition in real time. This feature is applicable in the context ofcommercial real estate, residential real estate, and as part of amerchant directory. For example, a similar device can be used inconnection with residential real estate listings to display pertinentinformation and directions to the nearest available home for sale.Likewise, the system could be used to display information concerningmerchants within a particular area in a noncommercial setting. Forexample, the GPS in a passenger car could be linked to a database thatcontains information about local merchants, such as restaurants. As thedriver approaches these restaurants, the system could displayadvertisements or other information pertaining to the restaurants.

[0298] Thus, in accordance with the present invention, the system isable to provide location-sensitive real estate information automaticallyand perform other useful tasks by correlating a vehicle's instantaneousposition to data stored in a remote database to identify geographicallypertinent information and by transmitting the geographically pertinentinformation to the vehicle, by for example displaying the information onthe display panel within the vehicle or by playing audio announcementsof the information.

[0299] In the context of commercial real estate, the mobile informationcollection and dissemination system for correlating data to a vehicle'slocation and for transmitting the data to the vehicle in real timeincludes the vehicle 100 equipped with equipment for both transmittingand receiving data. The vehicle position is preferably determined by GPSand the system links GPS data to real estate information. The systemintelligently correlates vehicle position to real estate data, retrievesthe appropriate real estate data as the vehicle travels and thentransmits information back and forth over a network, preferably theglobal information network (i.e., the Internet or web). As the vehicledrives down the street, pictures of the buildings are automaticallydisplayed on a display screen. The user need not search, because theinformation just pops up on the display screen. This information couldinclude, for example, descriptions and photographs of buildings. Thedata changes automatically as the user drives down the street. The user(in this example a field researcher) is prompted to gather and transmitinformation that is missing.

[0300] In addition to using the system of the present invention toresearch properties, the system brokers or customers could use thesystem such that as the broker or prospective tenant drives around, theinformation on the property nearest them comes up. Such a system is alsouseful for residential real estate brokers. Naturally, access to dataand the amount of content provided must be tailored to the particularuser to address security and market concerns. Using data available onthe database of the present invention, however, the system could providea virtual tour of a commercial building. The same approach could beemployed in the residential context provided one had access to adatabase of residential property information.

[0301] Linking position data to commercial information is valuable inother contexts as well. For example, position location information couldbe correlated with information concerning commercial establishments,such as restaurants, for advertising or directory assistance purposes.In context of advertising or marketing, the system intelligentlycorrelates vehicle position to merchant data, retrieves the appropriatemerchant data, and then transmits information back and forth over anetwork, preferably the global information network (i.e., the Internetor web). As the vehicle drives down the street, ads, promotions, touristinformation, or other merchant or general interest information,including pictures of the buildings, are automatically displayed on adisplay screen. The user need not search nor do anything, as theinformation just pops up. The data changes automatically as the userdrives down the street. The system operator could sell advertisements tobe displayed in cars via GPS. The information may be audio and/or avisual on a screen.

[0302] The system also stores the recent history or sequence of vehiclemovement so that the speed and the direction of movement can beascertained. Direction of movement information is useful in the realestate information gathering and display context since it helps thecentral system track, dispatch, and route mobile vehicles. Direction ofmovement information is useful in the merchantdirectory/advertising/marketing context since the direction of movementaffects the geographic desirability of commercial establishments. Forexample, if a user is driving 80 miles an hour going South, restaurantsthat are 5 miles back are not as desirable as restaurants that are 5miles ahead (establishments 5 miles East or West are also not toodesirable). Thus, as the vehicle moves the system preferably takes speedand direction of travel into account when correlating data such as ads,promotions, tourist information, or other merchant or general interestinformation, including pictures of the buildings, with vehicle positionfor display on the display screen.

[0303] The information to be retrieved and displayed to the user basedon the user's location can be stored locally with the user ortransmitted to the user from a remote database. As the display contentbecomes data rich, however, storing the information locally and keepinginformation uniform and current becomes difficult. For this reason,transmission from a remote repository is preferred whenever sufficienttransmission bandwidth is available.

[0304] Linking position data to commercial information is also useful incontexts other than the mobile vehicle. The system could be used totransmit location sensitive real estate information to a user's PDA orlaptop computer, for example. For example, PDA's such as those made byPalm™ will soon have both a GPS capability and a data transmissioncapacity. Using the system of the present invention, information couldbe retrieved from the database of the present invention and displayed onthe user's PDA or laptop computer based on the user's location. Theinformation can be stored locally with the user or transmitted to theuser from a remote database. For example, a user in Loudoun Countyinvestigating a property, looking at 5 or 6 adjoining parcels could havea Palm VII telling the user who owns the parcels around where the useris standing, who the tenants are, what the rent is, and what the salepoints are.

[0305] System Operation

[0306] FIGS. 3-17 are slides that graphically depict the commercial realestate market and the process for transactions within that market, toprovide the context in which a preferred embodiment of the presentinvention operates.

[0307] Referring now to FIGS. 3 through 17, FIG. 3 shows the electroniccommerce segments involved in commercial real estate. Specifically,there is a need for leasing information, sale information, industrynews, comparable sales information, tenant information, information formarketing to professionals, and information for marketing tocorporations and software. These will be described below. Concerning“for sale information,” the information will list what types ofbuildings are for sale. Concerning leasing information, the informationpertains to buildings that are available for lease or to space withinbuildings that are available for lease. Concerning industry news, theinformation can be any of a wide variety of information that providesindustry professionals with news that they need. Concerning tenantinformation, information will relate to the needs and financialcharacteristics of commercial real estate tenants. Analytic informationrelates to the types of information that real estate investors orlandlords use to assess the market and the value of any particularproperty.

[0308] The commercial real estate market is enormous. Within the UnitedStates alone, the collective value of commercial real estate assets isestimated to be in excess of $4 trillion dollars. Approximately onehundred thousand building sale transactions occur each year. The valueof these transactions is estimated to exceed $300 billion. Everytransaction involves multiple parties. Notwithstanding the enormity ofthis market, the prior art system for facilitating these transactions isenormously inefficient.

[0309] As shown in FIG. 4, the current prior art inefficiencies in themarket include the fact that only a fraction of the real audience eversees any particular property. In particular, the conventional way ofselling commercial real estate is through buyers' brokers representingthe buyers, and sellers' brokers representing the sellers. Unlike thesale of single family homes, the availability of high-value commercialreal estate is not widely advertised. This is because of the way thathigh-value commercial real estate properties have typically beenmarketed in the past. In particular, when a seller's broker is preparedto offer a seller's building, the seller prepares a lengthy offeringdocument and distributes the lengthy offering document to a very smallgroup of select potential purchasers. These potential purchasers may bethought of as being within the inner circle of the seller's agent. Thispractice is so prevalent that if a potential buyer or buyer's brokerreceives a building offering from a broker and the buyer's broker orpotential investor knows that they are not within that sellers broker'sinner circle, they will assume that all potential buyers within thesellers broker's inner circle have passed on the building and that themere receipt of the building offering indicates a building value that istarnished in some way.

[0310] Other inefficiencies in the current prior art way of sellingcommercial real estate include the fact that there is a significantmarketing expense involved since the marketing involves preparation oflengthy documentation and because the system in place is not highlyautomated.

[0311] Another inefficiency in the prior art is a basic economicinefficiency of the market. Because the number of bidders is limited,the price is lower than it might otherwise be if all possible bidders ora greater number of bidders were allowed to bid on the property. Inaddition, the current system is inefficient because it is verytime-consuming. Moreover, there is too much risk and expense for thebuyer, and buyers see only a fraction of their options.

[0312] The commercial real estate process will now be describedbeginning with the conventional prior art process for leasingtransactions. As shown in FIG. 5, from the vantage point of theprospective tenant, the leasing transaction is basically decided basedupon three considerations: 1) Do I like this location? 2) Do I like thebuilding? and 3) Can I afford this rent? As shown in FIG. 6, the maintool used to convey a space for a lease opportunity is a one-page flyer.Thus, the conventional prior art marketing approach for marketing aproperty for leasing is to distribute 300 to 500 one-page flyerslocally, as shown in FIG. 7.

[0313] In contrast, the prior art investment sales process isconsiderably more complex. To begin with, there are many moreconsiderations as summarized on FIG. 8. These include: 1) Is this theright type of property?; 2) Do we invest in properties in this area?; 3)Is this building leased up enough?; 4) When do the tenants' leasesexpire?; 5) Are these good credit tenants?; 6) Does this building haveenough income?; 7) When these tenants' leases roll, will I get goodrents?; 8) Does this market have a low vacancy rate, such that I canre-lease quickly?; 9) When I have to re-lease, who will my competitorsbe?; 10) Based on other sales in this area, is this a fair price?; 11)What multiple revenues are other buildings selling for?; 12) Can I getreasonable financing for this property?; 13) Will the seller accept anoffer of $35 million?; 14) Will the seller accept these legal terms ofsale?; and 15) Did my engineers find structural or environmental flaws?Because of the complexity of issues that must be considered, the maintool used in the prior art to convey a major commercial propertyinvestment sale opportunity is the investment package, which typicallyis a document on the order of 100 pages, as shown in FIG. 9.

[0314]FIG. 10 shows the relative comparison between commercial leasingand investment sales. As noted before, in the case of commercialleasing, the main tool is a one-page flyer that typically costs $1.00 to$3.50 per copy. In contrast, the main tool for investment sales, i.e.,the investment package, costs between $125.00 and $250.00 per copy. Thedistribution of these books is very different, as well. In particular,as shown in FIG. 11, if one wishes to sell a particular building, thebooks are distributed to a group of 30-50 sophisticated real estateinvestors and brokers internationally.

[0315] Consequently, only several dozen buyers from a universe ofthousands get a copy of the “book,” i.e., the investment package, asgraphically illustrated by FIG. 12. The select few buyers from theuniverse of thousands that get a book are typically referred to as theinner circle of the seller's agent as shown in FIG. 13. The remaininguniverse of potential buyers that are not selected, i.e., that are notin the inner circle of the seller's agent, are referred to as the outercircle, as graphically illustrated in FIG. 14.

[0316] As alluded to earlier, a distinctive characteristic of thecommercial real estate industry is what happens if a broker or investorin the outer circle learns that the building is for sale as graphicallyillustrated in FIG. 15. In this instance, the property is immediatelytarnished and the value of the property is reduced. This is because thepractice of distribution of the investment book to only those buyers,agents, or investors within the broker's inner circle is so prevalentthat, if a buyer's broker or investor that is not in the seller'sagent's inner circle receives a copy of the book, they will assume thatall of the individuals in the inner circle have passed on the propertyand, for that reason, the property is tarnished, and the value isreduced. Thus, for acceptance within the commercial real estatecommunity, the present invention includes a secure way of controllingdistribution.

[0317]FIG. 16 shows an example of the table of contents of a prior artinvestment book for a high-value commercial property. As shown therein,the investment book typically includes an investment summary, a propertydescription, a market overview, a competitive leasing analysis,information concerning comparable sales, information concerning tenancy,and a financial analysis. In a conventional setting, all of thisinformation is supplied by the seller—an interested party. Because theseller has an interest in selling the property, this information isnaturally suspect. Thus, notwithstanding the tremendous amount of effortthat is necessary to compile the information, the information isultimately of little value to a potential buyer, and must be verifiedwith an objective provider of real estate information, or independentlyverified.

[0318] FIGS. 17-34 are slides that graphically depict a preferredembodiment of the system and method for collection and distribution ofinformation according to the present invention. This system and methodoperate within the above-described commercial real estate market andtransactional process.

[0319] An important aspect of the present invention is the provision ofnetworked databases that can provide much of the information required inthe investment book. FIG. 17 illustrates networked databases of apreferred embodiment of the present invention correlated to the typicalcontents of a prior art investment book.

[0320] Referring to the graphical depiction in FIG. 18, the system ofthe present invention will now be described. In the figure, the systemof the present invention is referred to as COSTAR EXCHANGE™. COSTAREXCHANGE™ is a system that allows owners to list their properties forsale on an Internet website at no cost. A generation of the product isderived from a master database, incorporating much of the data from, forexample, tenant and property databases, but emphasizing the salesprocess as opposed to the listing process. Emphasized informationincludes tenant information, leasing information, and income and expensedata.

[0321] The system, i.e., COSTAR EXCHANGE™, is intended as a tool forfacilitating commercial real estate transactions of various forms, asillustrated in FIG. 18. In particular, the system can facilitatetransactions between owners' and buyers' brokers, transactions betweenowners' brokers and buyers' brokers and transactions between owners'brokers and buyers. The system currently contemplated would not be usedto facilitate direct owner to buyer transactions, as indicated by thearrow passing directly from owners to buyers that that does not involvethe COSTAR EXCHANGE™.

[0322] In accordance with the present invention, the system operator, inthis case, COSTAR, maintains a database. The database is preferablyaccessible through the global information network, i.e., Internet orweb. In accordance with the invention, property owners list theirproperties for sale in COSTAR's database without being charged. Asindicated in FIG. 19, owners list properties in the database typicallythrough a seller's broker that has a trusted relationship with thesystem operator of the COSTAR EXCHANGE™. Indeed, for properties worthmore than $5 million, there is preferably a contractual arrangementbetween the system operator and the seller's broker specifying, amongother things, a non-disclosure agreement. In the system of the presentinvention, the system operator designates a team leader to interact witheach of the seller's brokers.

[0323] For certain properties, it is critically important thatdistribution of the information pertaining to the property be strictlylimited. To most closely replicate the conventional system under whichthe seller's broker has complete control over to whom the property is“shown,” the system includes means for limiting distribution ofinformation on the website. More particularly, the seller's broker thathas listed the property has complete control over who has access to theinformation pertaining to the property that they have listed. In thecurrently preferred embodiment, the seller's broker works with the teamleader to designate individuals that are to receive the informationpertaining to the property. This would typically be those buyers orbrokers within the “inner circle” of the seller's broker.

[0324] As shown in FIG. 20, the seller's broker has designated fivequalified buyers to receive access to the information on the website.Often, these qualified buyers are not subscribers to the general listingfeatures of the system, and, therefore, do not have the ability to learnof the property listing on the system.

[0325] Once the seller's broker designates the qualified buyers, thesystem operator sends to the qualified buyers, preferably by overnightcourier, an electronic ID, along with instructions for accessing thesystem. The qualified buyers use the electronic key to gain access toproperty listing.

[0326] Optionally, before the qualified buyers are allowed to view theinformation pertaining to the property, the system requires thequalified buyers to first enter into a confidentiality agreement.Preferably, the qualified buyers enter into the agreement byelectronically executing and submitting an online confidentialityagreement as indicated in FIG. 21. Executing and submitting theconfidentiality agreement could occur, for example, by clicking-throughan “accept” button for an agreement posted online or by exchangingelectronic documents having electronic signatures. Upon receipt of theexecuted confidentiality agreement, the system operator allows qualifiedbuyers to access the information pertaining to the property, using theelectronic key as described hereinafter. FIG. 22 graphically indicatesthat the qualified buyers now have access to the system by showing thebuyers with their blindfolds removed.

[0327] In accordance with another aspect of the present invention, thesystem operator has a plurality of clients (i.e., subscribers), whopresumably are paying for access to information on the COSTAR EXCHANGE™.These exchange clients are active buyers and brokers of buyers ofinvestment properties. Since COSTAR EXCHANGE™ preferably lists a widevariety of properties, including many properties that are not subject tothe confidentiality concern, these exchange clients are assumed toroutinely query the system for properties meeting certain descriptions,and, indeed, the system allows such queries.

[0328] In accordance with an important aspect of the present invention,when a confidential property meets the needs of one of these exchangeclients, that fact is indicated in a general way without providinginformation that would allow the exchange client to easily identify thespecific property. In other words, the exchange client is notified thatthere is a property in a particular city meeting the exchange client'srequirements, but he is not told what that property is or who theseller's broker is. As clients of COSTAR, however, exchange clients allhave access to the system as indicated by the graphical depiction of theID key. Thus, in FIG. 22, the exchange clients are shown as a secondring of potential buyers that do not yet have access to the specificinformation concerning the building, as indicated by the blindfolds, butcan learn of its existence.

[0329] In accordance with an important aspect of the present invention,if one or more of the clients are interested in learning more about theproperty, they can indicate their interest through e-mail or alternativecommunication directed to the system operator. The system operator willthen forward the inquiry to the seller's broker so that the seller'sbroker can determine whether or not the particular client will receiveaccess to the information. In the example shown in FIG. 22, the seller'sbroker, in response to the query, has determined not to disclose thedetails of the property to the exchange client that requestedinformation. This “no” answer is conveyed, by the system operator, tothe exchange client that raised the request, as indicated by arrows inFIG. 22. The system, therefore, does not divulge the property listing tothe denied client.

[0330]FIG. 23 shows an alternative arrangement in which the seller'sbroker has indicated “yes” to the request for information. In responseto this “yes” indication, the system operator grants the accepted clientaccess to the property listing.

[0331] Optionally, before the system grants the accepted client access,the system provides the newly authorized potential buyer with aconfidentiality agreement. After executing and submitting theconfidentiality agreement, the system allows the newly authorizedpotential buyer to access to the listing for that property. Preferably,the newly authorized potential buyer enters into the agreement byelectronically executing and submitting an online confidentialityagreement. Executing and submitting the confidentiality agreement couldoccur, for example, by clicking-through an “accept” button for anagreement posted online or by exchanging electronic documents havingelectronic signatures.

[0332]FIGS. 24 and 25 illustrate this aspect of the present invention.FIG. 24 shows, graphically, the confidentiality agreement being providedto the newly authorized buyer. FIG. 25 shows that having executed andsubmitted the confidentiality agreement, the newly authorized buyermoves into the inner circle and has his blindfold removed so that he cansee the information. In this way, the pool of qualified buyers can begreatly increased, but the seller's broker still maintains completecontrol over who is allowed to see the listing. Thus, the presentinvention allows the seller's and seller's brokers to access a fargreater pool of qualified buyers without the highly undesirable act ofdistributing the information to all interested parties.

[0333] It will naturally be appreciated that this system of informationdistribution is useful in contexts other than the commercial real estatecontext, such as purchases of business enterprises.

[0334] In accordance with yet another aspect of the present invention,the listings on the system are made available not only to qualifiedbuyers and clients of the system, but to all potential buyers so as toencompass an extremely wide pool of potential buyers.

[0335] In the preferred embodiment of the present invention, the pool ofpotential buyers that are not clients of the system is given limitedaccess to the database and can be allowed more detailed access on apay-per-view basis, for example. As indicated in FIG. 26, this largepool of buyers does not have detailed access to the listing, but couldbe allowed access, or the opportunity to gain access to learn of theexistence of the listing. The lack of detailed information, is, again,indicated by the blindfold on the depiction of the potential buyer inFIG. 26.

[0336] In accordance with the preferred embodiment of the presentinvention, the more wide spread dissemination of the information may bedelayed for a period of time to allow preferential access to personswithin the seller's inner ring, or to exchange clients. This is notrequired, however, and the pool of potential buyers could be extendedimmediately.

[0337] As shown in FIG. 27, through COSTAR EXCHANGE™, the existence of alisting, without the details of the listing, is disseminated to theentire pool of potential buyers as shown by the broken arrows. Anyinterested buyers can send an expression of interest or a request forinformation query back to the COSTAR EXCHANGE™, and, since thesepotential buyers are not current clients, the system operator obtains aprofile of the potential buyers and transmits the request along with theprofiles to the sellers brokers for a determination of which, if any, ofthe requesting potential buyers should receive access to theinformation.

[0338] As before and as shown in FIG. 28, for those buyers to which theseller's broker has authorized distribution of the information, a packetcontaining an ID key is sent to the potential buyer. As shown in FIGS.29 and 30, after first executing and submitting confidentialityagreements (if so required), these potential buyers are moved into theinner circle of qualified buyers who can obtain access to propertyinformation. FIG. 30 depicts these potential buyers moved into the innercircle with their blindfolds removed. In this way, the entire pool ofpotential buyers can be brought into the bid process, but only to theextent authorized by the seller or seller's broker.

[0339] It should be apparent that the system of the present inventionprovides numerous benefits and creates great efficiencies in thecommercial real estate market.

[0340] The benefits to the seller or seller's broker include the factthat the listing service is free. In addition, the distribution ofinformation leading to their property is highly secure and controlledclosely, and is at the seller or seller's broker's complete discretion.In addition, the system broadens the reach of their offering withouttarnishing the value of the offering. The system also allows thedevelopment of a private buyer network, i.e., allows the seller's brokeror seller to increase their inner ring of buyers by identifying newqualified buyers with whom the seller's broker or seller may not havepreviously had a relationship. In addition, the system greatlyaccelerates the transaction and brings buyers that are more qualifiedinto the system, which is likely to provide a more competitive marketfor the seller and, thus, bring the seller a higher price. The benefitsare summarized in FIG. 31.

[0341] As indicated in FIG. 32, the system also provides benefits toqualified buyers. In particular, in the current system, the qualifiedbuyer may have access to only the properties of select agents that placethat qualified buyer into their inner circle. And, in connection withthe present invention, the persons within a particular participatingseller's inner circle are allowed access to a single property on COSTAREXCHANGE™. However, there is a great benefit for potential buyers tobecome clients of the system, in that they will have access to over40,000 properties.

[0342] There are numerous possible sources of operating revenue for thesystem operator using the system in the present invention. Inparticular, as summarized in FIG. 33, the system operator can obtainrevenue through a subscription service by charging for access to thesystem. In addition, the system operator can obtain revenue throughbanner advertising and lender referral fees. In addition, the systemoperator could obtain revenues through buyer/seller matching fees,click-through revenue, and fees for enhanced listings on the database.Also, the system operator obtains value through information posted ontothe system since it memorizes the cost of independently obtaining suchdata.

[0343] In accordance with the present invention, the ID key (shown inFIG. 34) includes a unique serial number printed on the back andgenerates a six-digit password that changes at a predeterminedfrequency, preferably once every minute. Thus, the user's ID is alwayschanging so that it provides a high level of security.

[0344] The system of the present invention also facilitates mortgagelending. For example, using the information concerning the buildingcharacteristics and the information concerning prospective borrowersthat is maintained within the system, the system facilitates matchingborrowers with lenders. Alternatively, the system can list all availablelenders, either generally or only those lenders that are willing toborrow money from a particular property, and the borrower can click on aparticular lender and obtain information or submit information for loanpre-approval. In addition, the system functions as a due diligence toolfor lenders, providing the information necessary to determine whether toprovide a loan to buy a building, based on information about thebuilding.

[0345] As a further aspect of the present invention, a lending productis provided on COSTAR EXCHANGE™ that lists every lender that COSTARtracks. The present invention enables customers to click on a lender'sname in the list to request a free package of materials free from thatlender. COSTAR EXCHANGE™ facilitates this communication between thecustomer and a prospective lender.

[0346] The remaining figures illustrate a graphical presentation anddescription of the present invention, as well as a series of screenimages presented during operation of the invention. The screen imagesprovide a self-evident and exemplary description of the flow through thesystem by a user as detailed hereinafter.

[0347] Website Operation

[0348] In a preferred embodiment, the website operates in the followingmanner. Through an Internet connection provided by an Internet serviceprovider, a user enters the Internet address of the present invention toaccess the website of the present invention. To ensure secured access,the website presents the user with a login page, requesting a user nameand password. Once the user enters an authorized user name and passwordand agrees to the Terms of Use, the website presents a homepage, asshown in FIG. 35, with the following features. One section of thehomepage includes a menu 100 with labeled buttons, such as ‘News,’‘Market Trends,’ ‘Events,’ ‘Products,’ ‘Company Information,’‘Stockholders,’ ‘Technical Support,’ ‘Contact Us,’ ‘Employment,’ and‘Site Map.’ By clicking on a button, a user can obtain more informationand further sub-menus on the labeled topic. Another section of thehomepage lists summaries of news articles 102 related to the commercialreal estate industry. In this section, the homepage provides additionalbuttons and links to further information concerning the news articles.The final section of the homepage presents a group of structured tabs104 that a user can click through to access the functions of the presentinvention. The structured tabs subdivide the functions of the presentinvention into four categories: (1) For Sale, (2) For Lease, (3)Tenants, and (4) Sale Comps.

[0349] Under the For Sale structured tab, a user has three primaryfunctions 106 and several secondary functions 108. The primary functions106 are represented by buttons through which the user can click toaccess the functions. The three primary functions are Lookup Property,Search Database, and Add Listing. The secondary functions include, butare not limited to, Saved Searches, Alerts, Membership, ProfessionalProfile, Demonstration, Frequently Asked Questions (FAQ), ConfidentialListings, Buyer-Seller Match, Forms & Contracts, and Help.

[0350] By clicking through Saved Searches, a user can view a list ofsearches that were previously saved, as shown in FIG. 36. The listincludes a description of the search, the date and time the searcheswere created, and whether or not an alert notification was activated (tobe described below). A user clicks on the description of the search toview the results of that search. A user can also change the alertnotification of a search by clicking the check box on the list. Finally,a user can delete a search by clicking on a delete button (not shown).

[0351] Returning to the homepage, under the For Sale structured tab,clicking on the secondary function Alerts presents the user with thatuser's Alert settings as shown in FIG. 37. The present inventionmonitors the saved searches and alerts a user when new listings areadded that match the existing saved search criteria. There are fourAlert settings: (1) an on/off indicator to activate or deactivate theAlert feature, (2) the number of saved searches being monitored andwhich individual searches are being monitored, (3) the e-mail address towhich the Alerts are sent, and (4) frequency with which alerts are sent(e.g., once per day). From the Alert Setting page, a user can click onthe appropriate buttons for each of these settings to change them asdesired.

[0352] Returning again to the homepage, by clicking through thesecondary function Membership, a user can view his or her membershipstatus. Also from the homepage, by clicking on the Professional Profilesecondary function a user can access her professional profile, as shownin FIG. 38, which includes information that the present invention usesto customize operation of the website according to a user's particularprofessional background in commercial real estate. The profileinformation is used to alert the user to new or updated properties ofthe website operation, which the user might find useful. On theProfessional Profile page, the present invention presents various dataentry fields prompting for such information as the user's name, title,company website, business e-mail address, and other contact information.The Professional Profile page also asks for information describing theuser such as the type of customer the user is (e.g., owner, individual,investor, corporate, or seller), the type of property the user istypically interested in purchasing, the investment range the useranticipates, the type of financing the user will use (leveraged or allcash), the locations in which the user is interested, recenttransactions completed by the user, and the annual transaction activitytargets of the user. The Professional Profile page also enables a userto indicate interest in subscription membership, listing properties, andbanner advertising.

[0353] Returning to the homepage, under the For Sale structured tab, auser can click through the Demonstration button to view an exampleoperation of the website for tutorial purposes. Also from the homepage,a user can click through the Frequently Asked Questions, or FAQ button,to view more information for tutorial purposes.

[0354] From the homepage, under the For Sale structured tab, a user canclick through the Confidential Listings button to view real estateinformation maintained in secured access. After the ConfidentialListings button is clicked, the website presents a Proprietary ListingInformation access page, as shown in FIG. 39. The website maintainssecured access to the proprietary listings. A user must enter a validpassword and have a professional profile on file. In this manner, thepresent invention can forward the user's (potential buyer) informationto the listing entity to initiate the unique buyer-seller matchingfeature. Once the user enters a valid password, the website displays aRequest Pending screen, as shown in FIG. 40, and contacts the listingentity to request access for the user/buyer. As shown in FIGS. 41 and42, the website returns a results page indicating whether the listingentity has approved the user's/buyer's request. FIG. 41 shows accessthat has been limited, while FIG. 42 shows access that has beenwithheld. If access is approved, admitting the buyer into the“inner-circle,” the website presents the subject property on a PropertyDetails page (described below).

[0355] Also from the homepage under the For Sale structured tab, a usercan click through the Buyer-Seller Match button to view real estatelistings that match buyer criteria or seller criteria. Also from thehomepage, a user can click through the secondary function of Forms &Contracts to view, download, and print standard documents used in thecommercial real estate industry. This feature also autopopulates thedocuments with appropriate buyer, seller, and proprietary information.

[0356] Finally, under the secondary functions listed on the homepageunder the For Sale structured tab, a user can click on the Help buttonto receive technical information concerning the operation of the websiteas well as administrative information concerning enrollment in the useof the present invention.

[0357] Turning attention to the primary functions of the For Salestructured tab, by clicking on the Lookup Property button on thehomepage, a user can search for a particular property. After clickingthrough this button, the present invention presents a Property Lookuppage, as shown in FIG. 43, which asks for the property address, propertyname, listing number, building park, city, sub-market or listing companyof the property to be found. The Property Lookup page also asks the userfor the state in which the property is located. As an example of aproperty lookup, a user can enter the name “Park Place” in the dataentry field for the property name. Then, when the user presses a GetResults button, the website returns a property lookup results listlisting (FIG. 44) all of the properties in the database with the name“Park Place.” The property list includes information such as address,city, state, price, square foot size, price per square foot, cap rate,and type of property (e.g., office, industrial, and land). As an exampleof another property lookup, to narrow the search, a user could specifythe state in which “Park Place” property resides, for example, New York.With this search criteria, upon clicking through the Get Results button,the user would view a property lookup results list containing only theentry that reads “790 Park Place, Long Beach, N.Y.” in FIG. 44. Afterentering the search criteria and viewing the property lookup resultslist, a user can double-click on a property listing to obtain thedetails about that property, including an overview of the property,financial information, tenant information, market statistics, comps, anda map of the area in which the property resides. During operation of theproperty lookup function, the present invention provides a menu on thescreen for ongoing options such as Return to Homepage, Print Results, orEnter a New Lookup Criteria.

[0358] Returning to the homepage under the For Sale structured tab, thesecond primary function is Search Database. After clicking on the SearchDatabase button, the user activates a series of web pages that executethe search function of the present invention, beginning with the pageshown in FIG. 45. The search function is broken down into six steps bywhich a user enters search criteria and receives results. Each web pageof the search function presents six buttons 1102 that can be clickedthrough to access the six steps of the search function. Each web pagealso includes general function buttons 1104, including a button toreturn to the homepage, a New Search button, a Saved Search button, aResults button, a Help button, and a Go to the Next Step button. The sixsteps of the search function include five steps for entering searchcriteria and a sixth step for obtaining the results of the search. Thesearch criteria for steps one through five include property, location,price, size, and market. The general function buttons 1104 can beactivated during any step, such that, e.g., a user can specify searchcriteria for only the first two steps, and then can skip directly toobtaining results. Also, a user can skip back and forth between steps torevise information (the steps do not have to be completed in order).

[0359] The web page corresponding to Step One, Property Type, presentssix options or categories of property types from which to choose. Theseproperty types include office, industrial, retail, hospitality,multi-family, and land. From this Step One page, the user has the optionof selecting a property type by clicking on one of the six categories ofproperty types or skipping the selection of a property type by clickingon the Location button or the Go to the Next Step button.

[0360] The web page corresponding to Step Two of the search function(FIG. 46) asks the user to select a geographic method by which to searchthe database or to select the option of conducting a global search. Thegeographic methods by which a user can search the database includesearching by region, state, market, county, city, or sub-market. Theuser can proceed to the next step of the search function by clicking onone of the six categories of geographic search methods, by choosing toconduct a global search, or by skipping a preferred geographic searchmethod by clicking on the Step Three Price button or the Go to the NextStep button. If the user chooses to use a geographic search method, thewebsite presents another page asking for more detail on that searchmethod. For example, if the user chooses to conduct a regionalgeographic search, the present invention presents a map showing eachregion, as shown in FIG. 47. The user clicks on a region to narrow thesearch to within that region. Similarly, for the state, market, county,city, and sub-market categories, a user chooses a particular state,market, county, city, or sub-market to narrow the search. Afterselecting a geographic method by which to search the database orselecting a global search, the user moves on to the next step of thesearch criteria: Step Three Price.

[0361] Step Three of the search criteria allows a user to specify thefinancial conditions for the search. The user can choose both high andlow ranges for the price categories or just one condition. As shown inFIG. 48, the price conditions are broken down into four categories: keyindicators, annual income values, financing, and assessed values. Underkey indicators, the user can specify a sale price, a price per squarefoot, and a cap rate. Under annual income values, a user can specifygross income, net operating income, and pre-tax cash flow. Under thefinancing heading, a user can specify down payment, loan amount, andloan payment in either annual or monthly terms. Under the assessedvalues subheading, the user can specify assessed land value, assessedimprovement, and total assessed value either in total amounts or persquare foot. Also under the assessed values subheading, the user canspecify the ratio of land to improvements and the ratio of asking priceto assessed value. Once the user has chosen values for the priceconditions or has chosen to skip Step Three, the user proceeds to StepFour by clicking on the Go to Next Step button or the Step Four button.

[0362] As shown in FIG. 49, the web page for Step Four enables the userto specify the size and features of the property for which the user issearching. The data entry fields for this search criteria are brokendown into the subheadings: size, characteristics, and company. Under thesize subheading, the user can specify the total rentable space in squarefeet, the typical floor size in square feet, and the number of stories.Under characteristics, the user can specify the year built, the yearbuilt or renovated, the total available square feet, the percent leased,the asking rental rates per square foot, the building class (e.g., A, B,or C), the type of use (e.g., income property or owner/user), theoccupancy type (e.g., multi-tenant or single tenant), the buildingstatus (e.g., existing, under construction, or proposed), and whether toinclude flex buildings in the search. Under the company subheading, theuser can specify the listing brokerage company and thereby limit thesearch to that company. Once the user has entered the desired data intothe web page of Step Four, the user proceeds to Step Five by clicking onthe Go to Next Step button or clicking on the Step Five button.

[0363] The web page for Step Five, as shown in FIG. 50, enables a userto specify the market conditions of the user's desired property. Thesemarket conditions are broken down into three subheadings: vacancy andabsorption, inventory ratios, and inventory. Under the vacancy andabsorption subheading, a user can specify the vacancy rate in a regionor submarket, the point increase in the last 12 months in a region orsubmarket, the point decrease in the last 12 months in a region orsubmarket, the 12 months' gross absorption in a region or submarket, the12 months' net absorption in a region or sub-market, and finally, theasking rental rates per square foot in a region or submarket in annualor monthly terms. Under the inventory ratios subheading, a user canspecify the ratio of net absorption to inventory in a region orsubmarket, the ratio of gross absorption to inventory in a region orsubmarket, and the ratio of under construction to inventory in a regionor submarket. Under the inventory subheading, a user can specify thetotal building inventory in square feet in a region or submarket, theaverage building size in square feet in a region or submarket, thenumber of buildings in a region or in a submarket, and the underconstruction in square feet in a region or submarket. Once a user hasentered the desired values in the data entry fields of the Step Five webpage, the user can return to other steps by clicking on those buttons orcan proceed to Step Six to obtain the results for the search criteria.From the web page for Step Five, a user can access Step Six by clickingon the Get Results button or by clicking on the Step Six button.

[0364] The web page for Step Six lists the results of the search in theform of a table, as illustrated in FIG. 51. The table includes columnheadings such as address, city, state, price, square foot size, priceper square foot, cap, and class of property.

[0365] The web page for Step Six, as with the other steps, also providesthe user with the function buttons including Return to Homepage, NewSearch, Save Search, Add Property, Remove Property, and View Details.The New Search button enables a user to return to Step One of the searchfunction to choose new search criteria. The Save Search button enables auser to save the search criteria to be accessed, reviewed, and executedagain later. In addition, by saving the search criteria a user canestablish an alert notification that automatically notifies the user ofa new listing that satisfies that search's criteria. FIG. 52 shows theSaved Search page displayed to a user who clicks through the Save Searchbutton. The Saved Search page prompts a user for a file name and whetheralert notification should be activated for the saved search.

[0366] The Add Property button (FIG. 51) enables a user to add aproperty to the search results table that did not initially meet thesearch criteria but which the user would like to add to the list forcomparison purposes. The Remove Property button enables the user toremove properties that did satisfy the search requirements but that theuser has determined to be undesirable. Finally, a user can obtaindetails on a property listed in the search results table by eitherhighlighting the property and clicking on the Get Details button, or bydouble-clicking on the entry in the table. The web page for Step Sixalso provides a Print button that enables a user to print out the searchresult table.

[0367] Once the user has chosen to view details on a particularproperty, the website presents an overview page (FIG. 53) listinggeneral information about the property, photographs of the property,three dimensional images of the property, and maps of the area in whichthe property is located. The overview page is one tabbed page of sixtabbed pages that are presented as part of a Property Details page. Eachtabbed page has a structured tab. The structured tabs include Overview,Financial, Tenants, Market, Comps, and Map.

[0368] Under the Overview structured tab, the general information on theproperty is broken down into eight subheadings including investmentsummary, highlights, property description, assessment value, location,building team, transaction guidelines, and “presented by.”

[0369] Under the investment summary subheading, the Overview web pagelists such data as the price, price per square foot, cap rate, percentleased, building size, land area, year built, and sale status of theproperty.

[0370] Under the highlights subheading, the Overview web page provides anarrative describing the principal selling points of the property.

[0371] Under the property description subheading, the Overview web pagelists such data as the building size, number of floors, typical floorsize, core factor, elevators, building class, land area, lot dimensions,building FAR, zoning, percent leased, available space, vacant space,number of tenants, average tenant size, parking ratio, open parking,covered parking, parking spaces, and parking rates. This section alsoprovides an area for a description of special qualities of the property.

[0372] Under the assessment value subheading, the Overview web pagelists such figures as land assessment, improvement assessment, totalassessment, property tax rate, annual property tax, and property tax persquare foot.

[0373] Under the location subheading, the Overview page lists theproperty's metro market, county, submarket, and zip code. This sectionalso provides the map book and page on which to find the property, theblock/lot of the property, and the parcel number. This section alsoprovides an area for narrative comments about the location.

[0374] Under the building team subheading, the Overview page lists suchinformation as the property manager, the developer, the architect, and acontact person in charge of the building information.

[0375] Under the transaction guidelines subheading, the Overview pagelists such data as the sales status, marketing, final offers, contractsigning, closing, active date, last update, and days on market.

[0376] Under the “presented by” subheading, the Overview page lists suchinformation as the contact information for the broker or partyresponsible for listing the property.

[0377] As shown in FIG. 54, under the Financial structure tab of theProperty Details page, the information is broken down into foursubheadings: financial overview, financial worksheet, income andexpense, and existing financing. Under the financial overviewsubheading, the Financial page lists such data as the price, the priceper square foot, the use, and the cap rate. Under the financialworksheet subheading, the Financial page lists such data as the downpayment, the new loan, the net operating income, the loan payment, thepre-tax cash flow, the price, cap rate, down payment, the interest rate,and the loan term along with a Calculate button. Under this subheading,a user can change a field in the worksheet and click the Calculatebutton to refresh the values in each of the fields. In this manner, thepresent invention enables a user to enter different financial criteriato determine the impact on price terms, loan terms, and cash flow.

[0378] Under the income and expense subheading, the Financial page listssuch data as the gross income, other income, vacancy allowance,operating expenses, net operating income, loan payment, pre-tax cashflow, current asking rent per square foot, estimated average rent persquare foot, taxes, insurance, utilities, wages, maintenance,management, miscellaneous reserves, total estimated expenses, andestimated expenses per square foot.

[0379] Under the existing financing subheading, the Financial page listssuch information for the existing financing as lender, loan payment, duedate, loan amount, interest rate, and loan term.

[0380] As shown in FIG. 55, under the Tenant structured tab of theProperty Details web page, the information is broken down into thesubheadings: tenants tracked, tenant analysis, and tenant notes. Underthe tenants tracked subheading, columns of information include suite,tenants, occupancy square foot, building percentage, industry, expires,and estimated rent. The suite column lists the suite a tenant occupies.The tenants column lists the name of the tenant. The occupancy squarefoot column lists the number of square feet the tenant occupies. Thebuilding percentage lists the percentage of space in the building thatthe tenant occupies. The industry column lists the type of business thetenant runs (e.g., health, media, and legal). The expires column liststhe date the lease expires for the tenant. The estimated rent columnlists the estimated rent the tenant is paying.

[0381] Each row under the tenants tracked subheading lists informationfor individual tenants. At the bottom of the list of tenants are totalsfor the entire building including tenant subtotals, unspecified tenants,vacant space, and total building. In this manner a user can convenientlydetermine the percentage of space leased in the property, the percentageof unspecified tenants leasing space in the property, and the totalspace leased by the listed tenants.

[0382] Under the tenant analysis subheading, the Tenant web page liststhe number of tenants in the building, the average tenant size, theaverage lease term, the estimated average rent per square foot, thetotal percent occupied, the estimated rollover in the next 12 months,the estimated rollover in the next 36 months, and the current askingrent per square foot. Alternatively, the tenant analysis subheading alsolinks Dunn & Bradstreet™ ratings and information.

[0383] Under the tenant notes subheading, the Tenant web page lists anyrelevant narrative information about the tenants.

[0384] As shown in FIG. 56, under the market structured tab of theProperty Details web page, information is presented under threesubheadings: size/vacancy, inventory/absorption, and price/rate. Theinformation under the Market structured tab enables a user to comparethe commercial viability of the property against similar properties inthe same region and state. Under the size/vacancy subheading, the Marketweb page presents such data as the number of buildings, the totalrentable space, the average building size, the average tenant size, theaverage building age, the percent leased, the number of availablespaces, the total available space in square feet, the average availablespace in square feet, the vacant space in square feet, the averagevacant space in square feet, the vacancy rate, the vacancy YAG, and thevacancy rate v. the YAG.

[0385] Under the inventory/absorption subheading, the Market web pagelists such data as the total existing space in square feet, the squarefootage under construction, the square footage under renovation, thesquare footage proposed, the total rentable space in square feet, the 12month gross absorption in square feet, and the 12 month net absorptionin square feet.

[0386] Under the price/rate subheading, the Market web page lists suchinformation as the average asking price per square foot, the averageasking rent per square foot, the average asking rents YAG, and the rentcharge v. YAG.

[0387] As shown in FIG. 57, under the Comps structured tab of theProperty Details web page, the present invention lists sale propertiescomparable to the subject property. The Comps web page includessummaries of each comparable sale property with a thumbnail picture 2302and a button 2304 the user can click to obtain full details on theproperty. Each summary includes such information as the address of theproperty, the building class size, the building size, the number offloors, the year built, the buyer, the sale price, the price per squarefoot, the cap rate, and the sale date. In addition, the summary includesthe distance the comparable sale property is located from the subjectproperty. The Comps web page also lists a series of buttons 2306 at thetop of the page corresponding to each category listed in the comparablesale property summaries. By pressing one of these buttons, a user cansort the comparable properties by the summary category corresponding tothat button. Thus, for example, if a user wishes to sort the comparablesale properties by their distance from the subject property, the userwould click the Distance button. To view a full-sized picture of thesale property, a user simply clicks on the thumbnail picture. To openthe Properties Details page for a comparable sale property, the usersimply clicks on the Full Details button for that property. In addition,in a further preformed embodiment, the comps structured tab includes asummary of the subject property to enable sideby-side comparisons withcomparable properties by summary categories.

[0388] As shown in FIG. 58, under the Map structure tab of the PropertyDetails web page, the present invention provides maps, pinpointing thelocation of the subject property with an icon or other indicator. TheMap web page also lists the address, the city, the county, and thesubmarket of the property. The maps give the user the ability to viewthe overall region in which the property is located, as well as theability to zoom in and out on the map of the property.

[0389] Optionally, the map displays the locations of other for sale andcomparable properties using icons or other indicators. Preferably, whenthe user drags the mouse pointer over an icon, the system displays apop-up window providing information on the associated property, e.g., aphotograph, square footage, and price of the property. A user could thenclick through the popup window to access more information about theproperty.

[0390] While a user is exploring the above-described six structured tabsof the Property Details web page, the present invention provides afunction menu area 2402 (as noted in FIG. 58) including next, back,results, remove, print, new search, and a numerical listing of theproperty. The numerical listing corresponds to the item number of theproperty in the list of the search results. For example, a user may beviewing the property details for the 12th property listed on a searchlist of 39 properties, i.e., 12 of 39. The next function enables a userto view the next property listing in the search results table. Thus, forexample, the user could click on the next function to view 13 of 39after viewing 12 of 39. Similarly, the back function allows the user tomove to a prior property listing. The results function allows the userto return to the table listing the search results. The remove functionenables the user to remove a property from the search result table afterviewing the property details and determining that the property is notdesirable. The print function enables a user to print out the propertydetails of a particular property. Finally, the new search functionenables a user to return to the original six step search function tocommence a new search. A further preferred feature provides on-screenand print reports such as a one-line summary, a multi-line summary withphotos, a one page report, and an investment package (all data compiledin a paginated investment package format).

[0391] Returning to the website homepage (FIG. 35), the third primaryfunction under the For Sale structured tab is Add Listing. Upon clickingon the Add Listing button, the website presents the user with a BuildingQuestionnaire web page, as shown in FIG. 59. The Building Questionnairepage asks the user to select the type of property the user wishes toprofile in the present invention. These types of properties include suchcategories as ‘for sale’ properties and ‘for lease’ properties. Withineach of these property types, the user can choose a particular class ofproperty, such as office or industrial.

[0392] Upon clicking a property and class type, the website presents adata entry page as shown in FIGS. 60 and 61. The data entry page promptsthe user for basic building information. The user enters the buildinginformation in searchable data fields such as building address, city,state, zip code, county, building status, building type, total rentablebuilding area, and number of stories.

[0393] As shown in FIG. 62, after completing the basic buildinginformation, the Building Questionnaire prompts the user for suite levelinformation including such information as floor, smallest square feetavailable, whether the total square feet is divisible or is notdivisible, and the maximum contiguous square feet on a floor. TheQuestionnaire also asks for suite level information such as the spacetype (e.g., relet/direct, new and sublet), the space use (e.g., office,office/retail, retail, and medical), and occupancy (e.g., 120 days, tobe determined, and vacant/off-market). From this page, a user can savethe suite level information by clicking through the Save button. Uponsaving, the website displays the page shown in FIG. 63.

[0394] As shown in FIG. 64, the next section of the office buildingquestionnaire prompts the user for information concerning the listingcontact such as the listing company, its telephone number, its agents,and its e-mail address.

[0395] As shown in FIG. 65, the next section of the office buildingquestionnaire prompts the user for information about the building teamincluding such data fields as owner, architect, developer, managementcompany, property manager, asset manager, and the various contactinformation for each of these entities.

[0396] As shown in FIG. 66, the next section of the office buildingquestionnaire prompts the user for information concerning marketingnotes and amenities such as an atrium, auditorium, nearby commuter railstations, dry cleaners, golf courses, and restaurants. A data entryfield for marketing notes accepts free-style narratives on any specialfeatures that improve the value of the property and enhance itsattractiveness to buyers.

[0397] As shown in FIG. 67, the final section of the office buildingquestionnaire prompts the user for information on major tenants in thesubject property. This section includes data entry fields for suchinformation as major tenant name and square feet.

[0398] Each of the above-described sections of the office buildingquestionnaire presents web page buttons that allow the user to move backand forth between the sections of the questionnaire. On the finalsection for major tenants (FIG. 67), the button Submit Questionnaireallows a user to submit the questionnaire and exit the Add Listingfunction of the present invention. After clicking the SubmitQuestionnaire button, the web page presents the user with a confirmationthank you page (FIG. 68), thanking the user for submitting the officequestionnaire and providing a tracking number for the user's records.The confirmation page also informs the user that a research analyst willbe contacting the user shortly concerning the listing. According to theoverall process of the present invention, once the research analystcontacts the listing entity and confirms the validity of theinformation, that data is entered into the database for access by thesearch function.

[0399] Although the above description presents the web site operation inthe context of for-sale properties, the described functionalities applyequally well to databases containing other real estate information suchas for-lease property information, tenants information, and compsinformation. For example, the search functions described with referenceto FIGS. 45-58 could look for for-lease properties, tenants, orcomparables, instead of the for-sale property described above. A userwould access these databases through, for example the For Lease,Tenants, and Sale Comps structured tabs 104 shown in FIG. 35. Thepresent invention can therefore provide a user with access to variousdatabases containing nationwide commercial real estate information.

[0400] In spite of this nationwide access, in the context of realestate, and especially commercial real estate, users tend to focus onspecific geographic locations associated with, for example, a client'sinterests or the business locations of a broker. For this reason, evenwhen a national database is available, many users would find little useor value in having access to information from outside their region. Insome instances, however, users may desire limited ad hoc access toinformation from outside their region. Moreover, there are some usersthat require information from multiple regions.

[0401] To address these competing demands and to provide the capabilityof better meeting each user's particular needs, the core data warehouseA16 of FIG. 1 stores commercial real estate data for multiple markets,and associates each data entry with a particular market. The multiplemarkets could correspond to the different regions of the United States,as shown for example in FIG. 47 (i.e., West, Midwest, Southwest,Northeast, Mid-Atlantic, and Southeast). Core data warehouse A16 alsoassociates each data entry with a particular category of real estatedata, such as a for-sale property, a for-lease property, a comparablesale listing, or a tenant listing. Thus, the present invention canexecute searches based on market criteria and information type.

[0402] By assigning a market and information category to each dataentry, the system operator can provide information services to match auser's needs. Thus, this embodiment of the present invention provideseach user with a subscription status that dictates in which markets andinformation categories the user can search. For example, a user whosubscribes to tenant information in the Mid-Atlantic region couldconduct an unlimited amount of searches for tenants within that regionfor no additional cost above the periodic (e.g., monthly) subscriptioncost.

[0403] Normally, a user subscribing to a particular region would executea search in the user's primary market (e.g., the Washington, D.C.metropolitan area) within that region. This primary market wouldtypically correspond to the location of the user's office and/or themarket or area in which the user conducts most of the user's business.

[0404] In some circumstances, however, the user may wish to exploreother markets, beyond the user's subscription market. For example, insearching tenant information, a user may want to determine theproperties leased by a particular tenant across multiple markets. Asanother example, in searching comparable sales data, a user may wish toexpand the sample of comparable sales for a unique property that mightnot have appropriate comparable sales within the user's subscriptionmarket. For instance, there may be a limited number of mall propertiesin the $40-50 million range across the United States.

[0405] Likewise, in other circumstances, the user may wish to obtaininformation beyond the information category to which the usersubscribes. For instance, a user who subscribes to for-sale propertyinformation may want to learn more about the tenants of a particularbuilding that the user is considering purchasing.

[0406] Thus, this embodiment of the present invention enables a user topurchase one-time searches outside of the user's subscription status. Inthis way, a user who subscribes to searches in one market or informationcategory can conduct one-time searches in other markets or informationcategories. For instance, a user who subscribes to the Mid-Atlanticregion can, after conducting a search in the Mid-Atlantic region, expandhis search to encompass the Northeast and Southeast regions. Similarly,a user who subscribes to for-sale property access can broaden his searchto include for-lease properties as well. The user pays a fee for eachexpanded search by, for example, authorizing the forwarding of anelectronic payment to the system operator.

[0407] A specific implementation of this embodiment provides a methodfor selling a subscription that allows users to search a database. Thedatabase contains information regarding commercial real estateproperties, which includes geographic information or informationregarding the geographic region of each property, and informationregarding at least one of comparable real estate sales, tenantinformation, for-sale information, and for-lease information. The methodfor selling a subscription includes associating each user with asubscription status that identifies geographic regions and informationcategories that the user can search, and allowing users to purchaseother information on an ad hoc basis beyond the geographic regions andthe information categories identified in the subscription status.

[0408] In accordance with another aspect of the present invention,information regarding tenants is gathered and stored in core datawarehouse A16. Through the use of relational database software, forexample, the tenant information is associated with building information.This makes it possible, for example, to graphically depict the occupancyof a particular building, an example of which is shown in FIG. 74 isshown and described hereinafter.

[0409] An embodiment of the present invention provides a tenantinformation database that contains tenant information from a pluralityof markets (e.g., regions of the United States) across which a user cansearch. In reference to FIG. 1, this tenant information database couldbe contained in core data warehouse A16 and populated by tenantinformation application A46. Each entry in the tenant informationdatabase could include the name of a tenant, the name and/or address ofthe building that the tenant occupies, the type of business the tenantruns, the start and end dates of the tenant's lease, and the lease pricethe tenant is paying. A user can cross-query the multi-market databaseto look for particular tenant information, such as the properties leasedby a specific tenant, all of the tenants that occupy a particularbuilding, or all of the tenants that meet a certain criteria (e.g.,occupy 500,000 square feet or more).

[0410] In analyzing a particular tenant, the search result would listthe properties leased by that tenant across the plurality of markets.Thus, for example, a nationwide search of tenant information on thefictitious “ABC Company” might return results listing offices leased inNew York, Chicago, Los Angeles, and Dallas.

[0411] In conjunction with these multi-market searches, an embodiment ofthe present invention also provides a unique user interface to displaythe results of the multi-market searches. In a specific implementation,the interface plots on a map of the United States an icon for eachleased property. In a further embodiment, each icon also includes asummary of the tenant information corresponding to each location, suchas the lease rate, the term of each leased property, and a photograph ofthe tenant's building. A user can then click on any of the icons todrill down and obtain more related tenant information.

[0412] Another embodiment of the present invention provides a comparablesales database that contains information on comparable sales properties.In reference to FIG. 1, this comparable sales database could becontained in core data warehouse A16 and populated by comparablesinformation application A50. For this embodiment, each entry of thecomparable sales database is associated with a “quality” identificationthat indicates its degree of reliability and/or timeliness. The qualityidentification enables a user to better analyze and use the comparablesales information. As an example, the quality identification couldinclude one of three categories: 1) verified comparable sales, 2)unverified comparable sales; and 3) for-sale properties.

[0413] Verified comparable sales are entries that researchers haveconfirmed for accuracy. After receiving notification of a sold property(e.g., from deed records), a researcher confirms the details of the saleby, among other methods, speaking with individuals who participated inthe sale, recording data that those individuals provide, visiting theproperty to observe and record features of the property, and taking apicture of the property.

[0414] Unverified comparable sales are database entries that have notbeen confirmed by a researcher. These entries are based solely on aproperty sale notification, such as a recorded deed, and are consideredto be “in the pipeline” awaiting verification.

[0415] For purposes of comparable sales information, for-sale propertiescan be considered “future comparable sales.” Although the sale hasneither been completed nor confirmed by a researcher, the for-saleinformation can give an indication as to what the comparable salesinformation might be.

[0416] Those skilled in the art will appreciate that these threecategories of information are of varying degrees of reliability andtimeliness, as illustrated in FIG. 75. The x-axis of FIG. 75 correspondsto an increasing amount of timeliness and reliability. The y-axisindicates to which part of the sales cycle the quality identificationscorrespond. Following along this cycle, the “for-sale” qualityidentification corresponds to the period in which a property is up forsale. The unverified quality identification corresponds to the periodafter the property is sold and a sale notification is received, butbefore the sale has been verified or confirmed. Finally, the verifiedquality identification corresponds to the period after a researcher hasconfirmed the sale information for accuracy.

[0417] Lines 800 and 801 represent conceptually the relationshipsbetween the quality identifications and their timeliness andreliability. As represented by reliability line 800, as a propertylisting progresses from for-sale to unverified to verified, the databecomes more reliable. As represented by timeliness line 801, duringthis same progression, the data becomes less timely.

[0418] Verified comparable sales are highly reliable because of theresearcher's confirmation and other value-added contributions.Unverified comparable sales are somewhat less reliable, but may be moretimely since they are likely to be more recent than the verifiedcomparable sales. Information on for-sale properties may not be reliablefor comparable sale purposes because the sale has not yet beencompleted. On the other hand, the for-sale listing could be highlyrelevant in setting asking prices and forecasting trends in comparablesales.

[0419] Thus, in accordance with this embodiment, the system of thepresent invention allows users to search all relevant comparable salesinformation, while at the same time calling to the user's attention thequality of the search results. Therefore, based on the qualityidentifications in the foregoing example, a user would recognize that asearch result containing for-sale and unverified comparable salesinformation may be less reliable, but more relevant or timely. A userquery is applied against all three categories of information, but thesystem generates a flag or other indicator that alerts the user to thequality of the results.

[0420] In a further preferred embodiment of the present invention, FIGS.69-71 illustrate a system and method for providing real estate propertyinformation through a unique user interface. The system and method linkdisplay elements on a user interface to a real estate property database.Each display element represents a specific real estate property.Proximate to each element, the user interface includes a link (e.g., aHypertext Markup Language (HTML) link) to a data entry in the databasecorresponding to the specific property. By selecting the display element(e.g., by clicking through it with a mouse), a user can access thecorresponding information from the data entry in the database.Preferably, a user selects the display element by dragging a mousepointer over the element, in which case the system automaticallyaccesses the corresponding information and displays it in a pop-upwindow. Optionally, a user could also select the display element using atouch screen, a voice activated response system, or any other type ofpointing or selecting device.

[0421] The preferred formats of the user interface and display elementinclude 1) a chart with textual listings of properties and 2) a map withicons or some other type of indicator to indicate properties within theparticular geographic area covered by the map. FIG. 69 illustrates thechart format in which the textual property listings are the displayelements. In this example, the chart of search results contains eightproperty listings. The user has positioned the mouse pointer 691 overthe listing “2 World Trade Center” and has activated the link to a dataentry in the property database corresponding to the “2 World TradeCenter.” In response, the system has displayed a pop-up window 692containing a photograph of the property.

[0422]FIG. 70 illustrates the map format in which the display elementsare icons or other types of indicators. In this example, the icons arepush-pins 700. The user has positioned the mouse pointer 701 proximateto a particular push-pin 702 and has activated the link to a data entryin the property database corresponding to the “5 World Trade Center.” Inresponse, the system has displayed a pop-up window 703 containing aphotograph, address, and price of the property.

[0423] Although these examples describe limited categories ofinformation displayed in the popup window, the information could includeany data available from the property database, including media such astext, images, audio, and video. In addition, as a further feature, afterthe display element is selected and the pop-up window is displayed, theuser can click on the pop-up window to view a subsequent displaycontaining more details about the property. As an example, theinformation included in the pop-up window and the subsequent displaycould include images of the property, audio content relating to theproperty, video of the property, and one or more textual details on theproperty, such as the address of the property, the building class size,the building size, the number of floors, the year built, the buyer, thesale price, the price per square foot, and the cap rate.

[0424] In this further preferred embodiment, a user can easily browse achart of search results or a map of a particular geographic area tolearn about for property for sale or for lease. Although FIGS. 69 and 70present this embodiment of the present invention within the context ofsearching for property for sale or lease, the method of linking mapindicators with geographically pertinent database information, andespecially photographic or video information, is also applicable toother aspects of the present invention, e.g., in looking up or searchingfor comparable properties within a particular geographic area or forsearching for property listings limited to specific criteria. As anexample, FIG. 71 illustrates using the map format of this embodiment ofthe present invention to search property listings of a particularbroker, e.g., Coldwell Banker™.

[0425]FIG. 71 also shows an additional aspect of this further preferredembodiment, in which the display elements carry an added informationcontent. In this manner, the user can recognize a characteristic of theproperty even before activating the link associated with the displayelement. For example, as shown in FIG. 71, different icons could signifydifferent types of property, such as office, industrial, and retail,corresponding to icons 750, 751, and 752, respectively. Preferably, alegend 753 indicates to the user the meaning of each icon. A userinterested in the particular listings of Coldwell Banker™, but onlyinterested in purchasing retail space, would browse the map looking foricon 752 and would save time by dragging the mouse pointer only acrossthat particular icon.

[0426] As one of ordinary skill in the art would appreciate, this aspectwould work equally as well in the residential real estate context, inwhich different icons could, for example, represent condominiums,townhouses, and single family homes. In addition, icons or otherindicators can represent different characteristics of a real estateproperty. For example, an indicator consisting of a certain number ofdollar signs (e.g., “$$$”) could show that a particular property isselling within a certain price range. A legend could provide theparticular price ranges to which each number of dollar signscorresponds. As another example, the icon could be the price of theproperty itself.

[0427] As suggested by FIGS. 69-71, the present invention providesvarious user-friendly graphical user interface systems and methods thatare useful in displaying information retrieved from a database. Thegraphical user interface features of the present invention are describedherein largely in the context of a database containing data concerningreal estate information and/or other information of interest, includingmerchant information, tourist information, service provider information,and the like, which is correlated with geographic location informationto allow data pertaining to a particular geographic location to beretrieved. It should be appreciated, however, that the user interfacefeatures described herein are useful in other contexts as well, and thatthe graphical user interface tools described herein have broadapplicability.

[0428] One user interface feature is the ability to provide seeminglyautomatic retrieval of location-based information. Underlying thisseemingly automatic retrieval of location-based information is asoftware enabled feature that allows the system to retrieve one set ofdata in response to a user query or predetermined system queries to thedatabase, but to display only a subset of the data retrieved (a firstportion), while storing the remaining data (a second portion) locallysuch as in a cache on the user's computer. The portion of the data thatis displayed (the first portion) may be displayed in a textgrid/spreadsheet/chart format. Optionally, the data (the first portion)may be displayed in a map format. A subset (but preferably not all) ofthe second portion of data (i.e., the data that is retrieved and stored,but not displayed) may then be automatically displayed in response to auser input, such as passing a pointing device icon over a portion of thetext grid/spreadsheet/chart or over an icon on the map display. Morespecifically, the user input selects a portion of the displayed data(the first portion) and system then displays a subset of the secondportion of data that is relevant to the selected portion of the firstportion.

[0429] In the embodiment described herein, the data initially retrievedincludes digital images, address information, and price information. Thedigital images are not initially displayed. The address and/or priceinformation of the properties is initially displayed (in a textgrid/spreadsheet/chart or map format) in the display of the firstportion of the data retrieved. The second portion of data includes thedigital images (if available) of all the properties retrieved, but eachimage is only displayed when the user “selects” a property as describedabove. The display is both uncluttered with extraneous data (becausemost of the second portion of data is NOT displayed) and user-friendlybecause the relevant subset of the second portion of data is displayedquickly without need for an additional database query.

[0430] The interface further includes a means for users to optionallyretrieve even further information from the database by, for example,selecting (e.g., with a pointing device) text or an icon representingthe desired information. It should be understood, however, that thisgraphical user interface feature is more widely applicable and, indeed,can be used in connection with any system in which there is an advantageto use of this display technique.

[0431] In accordance with another graphical user interface feature ofthe present invention, icons can be used to provide information aboutthe properties shown in the text grid/spreadsheet/chart or map view ofthe user interface. In the map view, for instance, an icon's location ona map provides geographic location information. To provide furtherinformation, the icon may be in a shape or appearance that conveysinformation concerning the type of property, the cost of the property,or the identity of the broker listing the property. Further, the iconmay be a small digital image (thumbnail image) of the property itself toconvey further information.

[0432] Another embodiment of the present invention provides a system andmethod for presenting, through a unique user interface, commercial realestate tenant information in relation to property information. Theunique user interface provides users with an intuitive and convenienttool for accessing tenant information relating to a building.

[0433] In a specific implementation, the user interface is an image ofthe building to which the tenant information corresponds. FIG. 74illustrates a representative building image 860. Image 860 representsthe actual physical appearance of the building and depicts theindividual floors 861 of the building (14 floors in this example). Image860 is subdivided to show the spaces occupied by individual tenants,which are referred to herein as tenant segments of image 860.

[0434] Each floor is segmented as necessary to show the specificlocations of individual tenants. For instance, the seventh floor 862 isdivided into three segments to show three tenants. Image 860 alsoindicates when an individual tenant occupies more than one floor, byshowing a single tenant segment that includes more than one floor andpossibly a part of a floor. Image 860 indicates the different floorswithin a single tenant segment using dotted lines.

[0435] Within each tenant segment, the building image can also listtenant information corresponding to the particular tenant(s). Thistenant information could simply be the name of the tenant as shown, forexample, in the tenant segments on the seventh floor 862 of FIG. 74: X &Co., Y & Co., and Z & Co. As space permits, each tenant segment couldalso include other tenant information, such as the amount of squarefootage that a tenant occupies.

[0436] To obtain more tenant information, a user activates the tenantsegments by clicking on an area or dragging a mouse pointer over thearea. For example, in FIG. 74, if the user wants to learn more about theterms of C & Co.'s lease, then the user clicks on or drags over segment863. A user can also obtain further information about all tenants on aparticular floor. For example, to learn more about all of the tenants onthe second floor, the user clicks on or drags over the area 864proximate to the second floor label.

[0437] The user interface also conveniently illustrates vacant spaces ofa building, such as space 865 in FIG. 74. In this manner, a prospectivelessee can quickly determine whether there is space available in abuilding, and if so, can quickly retrieve lease information associatedwith that space.

[0438] In providing this unique building image user interface, thesystem and method of this embodiment of the present invention linkdisplay elements on the user interface to the commercial real estatedatabase (e.g., core data warehouse A16 of FIG. 1). Each individualtenant segment within the building image is a display element. On top ofor proximate to each display element, the user interface includes a link(e.g., an HTML link) to a data entry in the database corresponding tothe specific property and tenant. When a user selects the displayelement, the system retrieves the corresponding information from thedata entry in the database. A user selects a display element by, forexample, clicking through the element (i.e., the segment or floorsegment of the building image) or by dragging a mouse pointer over theelement. As other examples, the system could allow a user to select thedisplay element by touching a touch screen or interacting with a voiceactivated response system.

[0439] If the system allows the user to click through the displayelement, the system then displays a separate web page containing theadditional tenant information. If the system allows the user to activatethe display element by dragging over it, then the system can display apop-up window as described and illustrated above in reference to FIGS.69 and 70.

[0440] The graphical user interface features described herein may beused in various combinations to customize functionality for differentpurposes to leverage the use of the database. For example, it ispossible for the system operator to provide custom content forindividual brokers by using predetermined queries to display onlyproperties listed by a particular broker and by displaying theinformation as an essentially seamless part of the broker's web site.The hierarchical display of information retrieved from the database canbe used in other contexts where display of too much information isconfusing or impractical, and resubmitting queries to get basicinformation is too cumbersome for users. Thus, the present inventionalso provides graphical user interface tools with broad applicability.

[0441] Related to the provision of custom content to individual brokers,another embodiment of the present invention provides a system and methodfor supplying content from a central database to affiliated web sites.

[0442] By way of background, in the context of commercial real estate,the current practice of providing updated information to a broker's website is extraordinary complex. One known example is offered by LOOPNET™(www.loopnet.com), in which brokers supply their listing information.There is, however, no readily apparent mechanism in place for confirmingthe currency, accuracy, or comprehensiveness of the information providedon the database. For example, although a broker submitting informationto LOOPNET™ has an incentive to provide complete and accurateinformation, there is little or no incentive for the broker to keep theinformation current once the property is sold or when the informationabout the property changes in some way. The system depends on thebroker's own initiative to enter and then update the information.Unfortunately, entering and updating the information can beextraordinarily complex and time-consuming in the context of commercialreal estate, which, unlike residential real estate, involves a widevariety of property criteria that may be of interest to potentialbuyers.

[0443] Without a comprehensive source of information, maintaining widelydistributed individual sites with current, reliable information isvirtually impossible. However, having access to a comprehensive,integrated commercial real estate database, data can be drawn from thedatabase to support commercial real estate web sites for brokeragecompanies or individual brokers. Moreover, content that is available onbroker sites remains consistent from site to site.

[0444] In accordance with this embodiment, a broker uses a site template(e.g., graphical user interface) containing modifiable portions andportions that link to the integrated commercial real estate database.FIG. 76 shows an example of a template 850 having a modifiable portion851 and a linked portion 852. The modifiable portion 851 allows a brokerto customize the site with, for example, the logo, contact information,and service descriptions of the broker. The linked portion 852 drawscontent from the commercial real estate database, which includes, forexample, descriptions and photographs of listed properties. On aparticular broker's web site, for example, the linked portions wouldcontain all commercial real estate listings on which the broker islisted.

[0445] To provide the content for the linked portions, the systemexecutes predetermined queries across the commercial real estatedatabase to retrieve only those properties associated with theparticular broker. Thus, for the example in FIG. 76, the systemretrieves from the commercial real estate database all entries listingTRI COMMERCIAL™ as the broker.

[0446] As a further embodiment, a customized broker web site couldinclude pages further customized for individual agents (employees) ofthe broker. For these customized pages, the system executespredetermined queries across the commercial real estate database toretrieve only those properties associated with the particular agent.

[0447] Accessing content from a central database ensures that thecontent appearing on broker sites is consistent, accurate, and current.Once an operator of the central database collects and stores thecontent, it is immediately available to all affiliated broker sites.Then, as another significant benefit, the operator of the centraldatabase only has to update the content once, rather than updatingindividual databases of the various broker sites.

[0448] Leveraging the valuable data available in core data warehouse A16of FIG. 1, such as property information, comparable sales information,tenant information, leasing information, and income and expense data, afurther embodiment of the present invention provides communication andanalytical tools that interface with the commercial real estate data andsupport commercial real estate transactions between the parties. Thesecommunication and analytical tools include: 1) a survey tool; 2) acommercial real estate transaction tool; 3) a tour scheduling tool; 4)an activity summary tool; and 5) a tool for analyzing commercial realestate data. Although the descriptions and figures presented below mayrefer to particular types of users (e.g., tenant-brokers) working withthese tools, it should be understood that the tools are broadly usefulfor many types of users of a commercial real estate database, on allsides of commercial real estate transactions, including, for example,brokers representing tenants, brokers representing sellers, brokersrepresenting investors buying buildings, brokers representing owners,and tenants, sellers, and owners themselves. One of ordinary skill inthe art would appreciate how to adapt the tools for each user type.

[0449] Survey Tool

[0450] According to a representative embodiment of the presentinvention, the survey tool is an interactive application through whichusers can search the commercial real estate database, and then haveareas in which to (i) privately store documents, or (ii) post documentsand share such documents or other communications with colleagues withintheir own firm, with other brokers in the industry, and/or with theirclients. This ability to search the commercial real estate database, andthen to immediately interact with colleagues, clients, and other brokersgreatly speeds the real estate transaction process.

[0451] As shown in FIG. 77, the survey tool is accessible through a “mysurveys” home page 7700, which lists, by client (tenant) name, thesurveys on which the user is working. Preferably, home page 7700 is apassword protected page. In this example, the user is a tenant-brokerand has one client tenant named Datawatch Communications™. Although, inthis example, the user is a tenant-broker, the survey tool is, ofcourse, applicable to other types of users, such as brokers representinginvestors buying a building or brokers representing owners. In addition,although this example demonstrates a search for space availability for aprospective tenant, the survey tool is applicable to other types of realestate data searches, such as searches for analyzing market conditions(e.g., rents, vacancies, etc.).

[0452] Home page 7700 provides access to several functions related tosurveys: 1) adding client profiles; 2) editing client profiles; 3)editing surveys; 4) running surveys; 5) editing the results of surveys;6) adding attachments to surveys; and 7) editing attachments to surveys.FIGS. 78-84 illustrate these functions.

[0453] To add client profiles, the survey tool of the present inventiondisplays an “add client profile” page 7800 as shown in FIG. 78. Page7800 provides data fields in which the tenant-broker can enterinformation about the client tenant, such as the name and address of theclient, and the contact information of a representative of the client.

[0454] After a client profile has been added through page 7800 and islisted on page 7700, the tenant-broker can edit the profile of theclient. To facilitate this function, the survey tool displays an “editclient profile” page 7900 as shown in FIG. 79. Here, the tenant-brokercan edit or add to the information that was originally entered in the“add client profile” page 7800.

[0455] After entering a client tenant, the tenant-broker can thenspecify the various space requirements of the client, as shown in the“edit survey” page 8000 of FIG. 80. Page 8000 provides data fields inwhich the tenant-broker can create and edit the name of a spacerequirement of a client, as well as enter notes describing therequirement.

[0456]FIG. 81 illustrates a “run survey” page 8100 through which thetenant-broker can run a survey and view the results. To run a survey,the tenant-broker selects the name of the client and a particular spacerequirement of the client.

[0457]FIG. 82 illustrates an “edit results” page 8200, which enables atenant-broker to edit the results of a survey. The tenant-brokeraccesses the search results by selecting the name of the client, theparticular space requirement of the client, and the particular resultsthat the tenant-broker wishes to edit.

[0458]FIG. 83 illustrates an “add attachments” page 8300, which allows atenant-broker to attach files, such as spreadsheets, documents, andbrochures, to a space requirement. If the tenant-broker desires, theattached files can be published such that they are accessible to theclient tenant and, perhaps, also to other members of the tenant-broker'sfirm and other brokers outside the firm. Preferably, access to the filesis provided through the web site of the tenant-broker. In addingattachments through page 8300, the tenant-broker specifies the name ofthe client, a particular space requirement of the client, a name thatdescribes the attachment, and the location from which the file can beretrieved (e.g., a path and filename on the hard drive of thetenant-broker's computer).

[0459] The documents that can be attached through page 8300 includesearch results or any other material generated by any of theinteractions with the commercial real estate database described herein(e.g., maps and comparable sales reports). Such material can be editedby the user, although there is no requirement that it be edited. Inaddition, the attached documents can concern material wholly unrelatedor separate from the commercial real estate database, includinginformation from sources other than the database. Indeed, the user canattach documents that the user has created outside of the context of theinteractions with the commercial real estate database.

[0460] After the tenant-broker has added attachments, the tenant-brokercan edit those attachments as shown in the “edit attachment” page 8400of FIG. 84. Through page 8400, the tenant-broker can edit thedescription of the attachment and replace the attached file. In additionto editing the attachment, the tenant-broker can also publish theattachment for access by the client or other parties, and can notify theclient of the publishing via e-mail.

[0461] In addition to listing clients, the “my surveys” page 7700 ofFIG. 77 could also list any essential matters on which the tenant-brokeris currently working. For example, the web page may list the status ofspaces that the tenant-broker has investigated and the status ofnegotiations with owner/brokers on different deals.

[0462] An alternative embodiment of page 7700 provides customizedscreens for each agent of a tenant-broker firm. In other words, eachagent could have her own proprietary page. For example, the page of anindividual agent could have a picture of the agent along with theagent's current listings. The agent-specific page could also functionlike a business site, with which the agent could, for example, transferdocuments (e.g., via FTP) on behalf of clients. As another example, theagent could direct clients to the page to retrieve prospective spaceinformation and review attached files.

[0463] Commercial Real Estate Transaction Tool

[0464] An embodiment of the present invention provides a commercial realestate transaction tool that facilitates the steps involved incompleting a real estate transaction, from searching for a space tosigning a proposal. In facilitating the transaction, the tool enablese-mail communications between tenants, tenant-brokers, owners, andowner-brokers. The e-mail communications include templates for the basicterms of proposals. Among other benefits, the transaction toolaccelerates the transaction process, engages the tenant and/ortenant-broker in the entire transaction process, and aids the tenantand/or tenant-broker in reaching a decision.

[0465] In a further embodiment, the e-mail communications to owners orowner-brokers include links that enable them to update incorrectinformation in the commercial real estate database (e.g., core datawarehouse A16 of FIG. 1).

[0466] FIGS. 85-95 illustrate the commercial real estate transactiontool, according to an embodiment of the present invention. In theexample of FIGS. 85-95, a tenant-broker conducts an initial search ofproperties, selects properties in which she is interested, andcommunicates with the owners/brokers of the selected properties toconfirm availability of the properties and to request, receive, andnegotiate proposals with the owners/brokers.

[0467] As shown in FIG. 85, after an initial search is completed, thetransaction tool displays the properties that meet the criteriadesignated by the tenant-broker (e.g., looking for 5,000 square feet ofA class space in Bethesda, Md.). The transaction tool executes thesearch similar to the manner described above under the heading “WebsiteOperation.” At this point, in a conventional process, the tenant-brokerwould have to individually contact (e.g., via telephone or e-mail) theindividual owners/brokers of the different properties listed in thesearch results, to confirm the availability of the space and proceedwith proposals and negotiations, if desired. For example, thetenant-broker would have to send separate e-mails to the owners/brokersasking if a particular space is available, and, upon receiving apositive indication of availability, would have to continuecorresponding with the owners/brokers concerning proposals andnegotiations.

[0468] With the transaction tool of the present invention, however, atenant-broker is able to simultaneously communicate with a group ofowners/brokers that represent properties and spaces in which thetenant-broker is interested. Specifically, after reviewing the searchresults of FIG. 85, the tenant-broker initiates the space confirmationprocess by clicking the “survey confirmation” button 8500. In response,the transaction tool displays the properties from the initial searchresults page of FIG. 85 in a re-formatted list, as shown in FIG. 86. Thereformatted list of FIG. 86 corresponds to the scrollable field 8502 inFIG. 85, except that FIG. 86 shows all of the properties at once, forconvenient viewing by the tenant-broker. From the list of FIG. 86, thetenant-broker selects the spaces in which the tenant-broker isinterested, and would like to confirm availability. The tenant-brokermakes these selections using the checkboxes 8602, the Select All button8604, and the Unselect All button 8606. The individual selections thatthe tenant-broker makes would be based on, for example, thetenant-broker's particular tastes and proprietary knowledge of themarket. After making the selections, the tenant-broker clicks on thecontinue button 8608.

[0469] In response, the transaction tool displays a space requiremente-mail template, the contents of which will be converted into an e-mailand forwarded to the owners/brokers corresponding to the list of spacesthat the tenant-broker selected in FIG. 86. FIG. 87 illustrates anexample of this space requirement e-mail template. As shown, the e-mailtemplate includes basic information about the tenant with which thetenant-broker is working, including the space requirements of thetenant. The content of the space requirements fields 8700 is pulled fromthe criteria of the initial property search. In addition to the basicspace requirements, the tenant-broker adds the deadline 8702 forreturning space confirmations. The tenant-broker can also add acustomized message 8704, which can include specific comments about thetenant, such as the name of the tenant.

[0470] After completing the template of FIG. 87, the tenant-brokerclicks the e-mail button 8706. In response, the transaction toolautomatically creates and forwards e-mails to the representatives ofeach property that was selected in FIG. 86. This batch e-mail greatlyeases the tenant-broker's burden in contacting the brokers ofprospective spaces. The e-mail addresses of the representatives and theassociations between the representatives and their respective propertiesare stored in the commercial real estate database. The transaction toolcreates the email messages from the content captured in FIG. 87. FIG. 88illustrates an exemplary e-mail message.

[0471] As shown in FIG. 88, the e-mail message informs the owner/brokerof the space requirements in which the tenant is interested. The e-mailmessage also states that a search of the commercial real estate databaserevealed that the recipient (owner/broker) of the e-mail might havespace that meets the tenant's requirements. In addition, the e-mailmessage includes links 8800 and 8802 for responding to the e-mailmessage. The owner/broker clicks on link 8800 if the owner/broker hasspace that meets the requirements. However, if, contrary to the databasesearch results, the owner/broker does not have space meeting therequirements, then the owner/broker clicks on link 8802. Clicking onlink 8802 notifies the administrator of the commercial real estatedatabase that the particular property does not have space available andthat the database should be updated accordingly. This update can, ofcourse, occur automatically, based on the property information that waslisted in the initial search results (FIG. 85) and carried through tothe e-mail (FIG. 88).

[0472] If the owner/broker indicates that space is available by clickinglink 8800, the link 8800 launches a web browser and takes theowner/broker to a space confirmation web page, such as the exemplarypage shown in FIG. 89. The space confirmation page lists the propertydata from the search results (FIG. 85) and e-mail (FIG. 88), such as thesquare footage of the space, whether the space is divisible, the layoutof the space, the rent price, whether the rent price is negotiable, thedate that the space is available, and the location and address of thespace. Through this page, the owner/broker can confirm the availabilityof the space, add any comments related to the space, provide informationon other space opportunities, and edit any of the data describing thespace.

[0473] After editing and adding information as needed, the owner/brokersubmits the data by, for example, clicking a submit button (not shown).The transaction tool reports the owner/broker's submission back to thetenant-broker, for example, as part of a status page that lists all ofthe space requirement e-mails that have been sent out to the variousowner/brokers and the responses that the tenant-broker has received. Atthe same time, the owner/broker's submission is reported to the activitysummary tool (described below) to indicate that the owner/broker hasreceived an inquiry concerning the space, and to account for the inquiryin an activity summary report.

[0474] In responding to the tenant-broker's request for spaceconfirmation, the owner/broker does not necessarily have to have thetransaction tool software. Indeed, the owner/broker merely receives ane-mail message with web links. The web links enable the updating of thecommercial real estate database or the reply confirming the spaceavailability. Thus, this embodiment of the present invention provides aflexible communication tool for the tenant-broker, which does notrequire the owner/brokers with whom the tenant-broker deals to have anyspecial software, other than an e-mail application and a web browser.

[0475] According to an embodiment of the present invention, if theowner/broker edits the space data listed in the web page of FIG. 89,those changes are not reflected in the commercial real estate database.In other words, the owner/broker may change the space data for thelimited purpose of negotiating with the particular tenant-broker, butwithout changing the data stored in the commercial real estate database.For example, if the owner/broker recognizes a certain promotional valuein having a particular tenant (e.g., a Fortune 100 company), then theowner/broker may lower the asking rent price in attempt to attract thattenant. This special price would be related back to the tenant-broker,but would not be captured in the commercial real estate database. Thisconfidentiality helps gain the trust and participation of owner/brokers.

[0476] After receiving responses to the batch e-mail and the propertydata of each response with any edits entered by the owner/brokers, thetenant-broker reviews the responses on a status page that includes, forexample, a table of available spaces and the data associated with eachspace. This table enables the tenant-broker to conveniently comparespaces according to criteria such as that listed in the spaceconfirmation replay of FIG. 89 (e.g., square footage, divisibility, typeof space, rent price, negotiability, availability, location, address,and comments). Preferably, this status page would include a send buttonthat automatically creates and sends an e-mail message to the tenant,which includes the table of available spaces and, perhaps, suggests atentative schedule for touring the spaces. The steps involved inscheduling and completing the tour are described herein under theseparate heading, “Tour Scheduling Tool.”

[0477] After reviewing the table of available spaces and touring thespaces if desired, the tenant and tenant-broker request a proposal froma final group of selected properties. At this stage, the transactiontool presents a proposal page through which the tenant-broker can selectthe owner/broker's that will receive a request for proposal. FIG. 90illustrates an exemplary proposal page 9000. As shown, page 9000includes a transaction summary 9002, a tour schedule 9004, and aproposal stage listing 9006. In this example, the tenant-broker isworking with the tenant, Oracle™, whose space requirements are listed inthe transaction summary 9002 and who has completed the tour shown in thetour schedule 9004. Based on Oracle's instructions, the tenant-brokerhas selected three owner/brokers from which to request proposals, asindicated by the checkmarks in the proposal stage listing 9006.

[0478] After selecting the desired owner/brokers, the tenant-brokerclicks on the “Create New Email Blast” button 9008. In response, thetransaction tool displays a request for proposal e-mail template, thecontents of which will be converted into an e-mail and forwarded to theowners/brokers corresponding to the owner/brokers selected in theproposal stage listing 9006 of FIG. 90. FIG. 91 illustrates an exampleof this request for proposal e-mail template. As shown, the e-mailtemplate includes the terms of the request for proposal, such as thetype of space, the square footage, the duration of the lease, the rentprice, and the deadline for returning the proposal. The tenant-brokercan edit any of the fields and can also add a customized message, whichcan include specific comments about the tenant. According to anembodiment of the present invention, the edited information is notreflected in the commercial real estate database.

[0479] After completing the template of FIG. 91, the tenant-brokerclicks the “Send RFP” button 9102. In response, the transaction toolautomatically creates and forwards e-mails to the representatives ofeach property that was selected in FIG. 90. This batch e-mail greatlyeases the tenant-broker's burden in contacting the owners/brokers of theprospective spaces. The email messages request formal proposals on theindividual spaces and include the content captured in FIG. 91. FIG. 92illustrates an exemplary request for proposal e-mail message. As shown,the e-mail message includes a link 9202 through which the owner/brokercan access a web page and electronically submit a proposal to thetenant-broker in the same manner as described above for the spaceconfirmation e-mail messages.

[0480] After the tenant-broker receives all of the proposals, thetransaction tool provides a comparison of the proposals, as shown in theexemplary pages of FIGS. 93 and 94. As shown in FIG. 93, the proposalsare automatically integrated into a grid that objectively compares theproperties. The comparison can also include financial and graphicalstudies as shown in FIG. 94.

[0481] After reviewing the comparison, the tenant-broker can respondindividually to the owner/brokers using the respond buttons 9302 in FIG.93. In response to clicking a respond button 9302, the transaction toolautomatically opens an e-mail message to the respective owner/broker.The tenant-broker can then enter a desired message in the e-mail andsend it to the owner/broker. The response can be, for example, acounter-proposal or an acceptance of the proposal. FIG. 95 illustratesan e-mail message in which the tenant-broker accepts the proposal of theowner/broker.

[0482] Tour Scheduling Tool

[0483] An embodiment of the present invention provides a tour schedulingtool that coordinates visits to selected properties by the tenant andthe tenant-broker. The tour scheduling tool delivers automated and/oruser-defined tour schedules to the tenant and tenant-broker, andcoordinates communications between them. To set and confirm times forbuilding tours, the tour scheduling tool supports instant messaging andemail communication between the tenant, tenant-broker, andowners/brokers. Upon confirmation of building tour times, the tourscheduling tool sends email communications containing all of thebuilding information to all involved parties.

[0484] In addition to facilitating communication, the tour schedulingtool includes integrated mapping features that give the tenant andtenant-broker a better understanding of the travel time to the subjectproperties. The integrated mapping features provide, for example, a maproute on which the buildings to be toured are plotted. The tenant andtenant-broker can click on the buildings to drill down for informationand images related to the particular building. The tour scheduling toolcan operate as a module within the transaction tool described above(e.g., in conjunction with FIG. 90), or can operate separately as astand-alone scheduling tool.

[0485] FIGS. 96-99 illustrate the tour scheduling tool, according to anembodiment of the present invention. In FIGS. 96-99, a tenant-brokercoordinates with the tenant and the owner/brokers to devise a tour ofthe properties in which the tenant is interested. In the context of theprocess described above for the transaction tool, the tour wouldtypically take place after the tenant-broker has received spaceconfirmations (FIG. 89) and before request for proposals are distributedto a final short list of owners/brokers (FIG. 90). To start the tourscheduling process, the tenant-broker submits to the tour schedulingtool a list of properties that have confirmed space available and thatthe tenant would like to visit.

[0486] In response to the list of properties, the tour scheduling toolpresents to the tenant-broker a proposed tour schedule page, such aspage 9600 shown in FIG. 96. Page 9600 prompts the tenant-broker to enterthe starting time and location of the tour in data fields 9602, and tospecify the order in which the properties are to be visited and theanticipated time to be spent at each property in field 9604. Based onthis input, the tour scheduling tool calculates directions and traveltimes to each property, and plots a tour route 9606 on a map 9608. Thetravel times 9610 are listed in field 9604. Page 9600 also includesproperty information 9612 for each tour site including, for example, apicture 9614 of the property. The tenant-broker can toggle through thetour sites by clicking on the next button 9616.

[0487] The tour scheduling tool is able to plot the buildings on map9608 because the property information in the commercial real estatedatabase is geographically-coded. Thus, based on the order designated bythe tenant-broker, the tour scheduling tool calculates the mostefficient path from building to building, taking into account, forexample, traffic lights and traffic congestion. Alternatively, insteadof following the tenant-broker's order of buildings to be visited, thetour scheduling tool can determine the order based on, for example, theleast amount of time or the least amount of distance traveled.

[0488] In an embodiment of the present invention, map 9608 includesinteractive features through which the tenant-broker can access moredetailed information about the buildings to be visited. For example, thetenant-broker could click on a building plotted on map 9608 to accessdata corresponding to that property, which is stored in the commercialreal estate database. This data could include details and pictures ofthe available space.

[0489] If the tenant-broker approves of the proposed tour, thetenant-broker clicks on the “save tour” button 9618. The tenant-brokercan also print out an itinerary for the tour, which includes a scheduleof the tour showing tour and travel times, the map with the plots of theroute and buildings, and summary property information for each of thebuildings to be visited.

[0490] In creating and finalizing the tour, the tenant-broker cancontact the tenant and owners/brokers to set and confirm times ofbuilding tours. The tour scheduling tool supports communicationapplications, such as email and instant messaging, to complete thesetasks. Thus, for example, the tenant-broker can instant message with theowners/brokers on the tour, come up with a tentative tour schedule, andemail that tour schedule to the tenant for approval. The “send totenant” button 9620 on FIG. 96 provides this functionality, launchingthe email application of the tenant-broker and pre-populating an emailto the tenant with a link to the tour schedule. The tenant-broker can,of course, customize the email message. FIG. 97 illustrates an exemplaryemail message to a tenant with a link 9700 to the tour schedule. Inanother embodiment, the tour scheduling tour enables the tenant-brokerto forward the email message to multiple representatives of the tenant,if, for example, more than one person from the tenant will be attendingthe tour.

[0491] In response to the tenant's clicking link 9700 of FIG. 97, thetour scheduling tool launches the tenant's web browser and takes thetenant to a space tour page, such as page 9800 shown in FIG. 98. Asshown, page 9800 includes a list of the buildings that will be visitedon the tour, along with the date and times of the tours and propertydata corresponding to each building. To access additional informationabout a building, the tenant can click on the building image, inresponse to which the tour scheduling tool displays a detailed data pagefor the property, such as page 9900 shown in FIG. 99. This detailed datapage 9900 includes information such as floor plans, lobby shots, andamenities and tenants associated with the building. Returning to FIG.98, if the tenant wants to view a map of the tour with the route andbuildings plotted on the map, the tenant clicks on the “map it” button9802.

[0492] Optionally, in place of or in addition to pages 9800 and 9900,the tour scheduling tool could display page 9600 to the tenant, whichprovides the same tour schedule and building information in a differentformat.

[0493] If the tenant approves of the tour schedule, the tenant informsthe tenant-broker of the approval by, for example, telephone, instantmessaging, or e-mail. Although not shown, the tour scheduling tool couldprovide an approval button on pages 9600 or 9800, which wouldcommunicate the approval of the tenant to the tenant-broker. After thetenant approves of the tour schedule, the tenant could, like thetenant-broker, print out an itinerary for the tour. With the tourfinalized and the itinerary in hand, the tenant and tenant-broker wouldthen go on the tour, after which the tenant and tenant-broker wouldparticipate in the request for proposal process as described above underthe heading, “Commercial Real Estate Transaction Tool.”

[0494] Activity Summary Tool

[0495] An embodiment of the present invention provides an activitysummary tool that enables a broker to capture and report the tasks thatthe broker has completed. The tool can summarize all of the taskscompleted by a broker or, alternatively, only a subset of the taskscompleted by a broker on behalf of a particular client. Thus, forexample, an owner-broker can use the activity summary tool to report toan owner the number of inquiries that the owner-broker has received forthe owner's property, the number of tours that the owner-broker hasgiven on the property, the number of requests for proposals that theowner-broker has received for the property, and the number of proposalsthat the owner-broker has delivered to prospective tenants of theproperty.

[0496] In a further embodiment, the activity summary tool displays tasksaccording to the person that completed them, to indicate, for example,the tasks completed by an individual employee of the broker. In thismanner, a head broker or chief financial officer of a brokerage firm canreview the activities of a particular agent of the broker along with theoverall activities of the firm. These summaries can help streamlinerevenue forecasting, staffing needs, and other management functions.

[0497] The activity summary tool operates transparently while the usersinteract with the transaction and tour scheduling tools, describedabove. Specifically, the activity summary tool records each discreteevent in the commercial real estate transaction process. These recordsinclude the activities of the parties on both sides of the transaction,i.e., the tenant and tenant-broker and the owner and owner-broker. Witheach event logged, the activity summary tool can create activity reportsthat summarize the overall transaction process or particular breakdownsof that process. These breakdowns could focus on, for example, theactivities of the tenant-broker or the owner-broker, the activities of aparticular agent of the tenant-broker or the owner-broker, or all of theactivities relating to a particular property regardless of the partycompleting them.

[0498] As an example of the archiving function of the activity summarytool, and in reference to the processes described above for thetransaction and tour scheduling tools, the activity summary tool couldarchive an event at the following points in the commercial real estatetransaction process: 1) searches conducted for a tenant's spacerequirement (FIG. 85); 2) requests for space confirmation for spacesmeeting the search criteria (FIGS. 86-87); 3) replies to the requestsfor space confirmation (FIGS. 88-89); 4) building tours (FIGS. 96-99);5) requests for proposals (FIGS. 90-91); 6) proposals (FIGS. 92-94); and7) proposal acceptances (FIG. 95). For each of the events, the activitysummary tool could record the specific data related to the event, suchas the specific terms of a proposal. The activity summary tool wouldalso associate each activity with the party that completed it, to enablereports broken down according to party. Thus, for example, when anowner-broker replies to a request for space confirmation (as in FIGS.88-89), that event could be fed back to a status page of thetenant-broker to show that a reply was received on the request for spaceconfirmation for a tenant client's space requirement. Similarly, on thelandlord side, the event could also be fed back to a status page of theowner-broker to show that an inquiry was made on the property. Thisinquiry event could then be reported on a monthly report to the owner,which summarizes the activities completed by the owner-broker on behalfof the owner.

[0499] Thus, the activity summary tool of the present invention providesimportant archiving and reporting functions for all parties to thecommercial real estate transaction process, whether on the tenant orowner side. The activity summary tool is also a valuable management toolfor brokers, giving them the ability to track activities completed byindividual agents or by the firm as a whole, and to summarize and reportthe activities to their clients. Typically, in the past, brokers havecreated monthly owner reports by reviewing their calendars and typingthe events into a separate document. With the activity summary tool,however, the events are automatically captured as they occur. Then, atthe end of the month, the broker need only request a monthly report,which the activity summary tool then automatically generates from therecorded events.

[0500]FIG. 100 illustrates an exemplary tenant-broker status page,according to an embodiment of the present invention. As shown, thestatus page includes a list of current surveys and new spaceconfirmations. The surveys are listed according to the tenant client,and indicate the number of new listings (space requirements) for eachsurvey. The new space confirmations are also listed according to thetenant client, and indicate the number of space confirmations receivedfor each survey. The tenant-broker can click on any of the survey orspace confirmation listings to access more details. In addition to thecurrent surveys and new space confirmations, the status page of FIG. 100could include a summary of all active deals, proposals, and tourappointments.

[0501] A status page for an owner-broker would be similar to the pageshown in FIG. 100. The owner-broker status page could also include otherinformation, such as active deals, pending proposals, and tourappointments. In addition, the status page could provide a buildingcalendar that shows past and planned events for a particular property.

[0502] In a further embodiment of the activity summary tool, brokers canshare access to status pages with their clients. Thus, as the brokerplans and completes activities on behalf of the client, the client canmonitor those activities through the shared status page. Thus, forexample, a tenant could see what types of responses the tenant-brokerreceived on a survey requesting space confirmations. In addition, abroker could provide access to the status page to one or more designatedmembers of the client, such as a facilities manager and chief financialofficer. In this manner, many people can use the status page to monitorand participate in the transaction process. For example, several membersof the client could check the status page to determine the time andschedule of building tours.

[0503] Analytical Tool

[0504] An embodiment of the present invention provides an analyticaltool that enables a user to better understand and analyze commercialreal estate market conditions.

[0505] Specifically, the analytical tool facilitates the comparison ofproperties to other similarly situated properties. For example, theanalytical tool can compare a single building or group of buildingsagainst a preset or user-defined list of buildings (e.g., against theentire market or submarket of Class A buildings or the user's ownselection of its competitors or comparators) based on a user definedselection of certain building characteristics. The analytical tool canplot the result set along a graph or chart.

[0506] In analyzing market conditions, the analytical tool also presentshistorical trends and forecasts of market statistics. For example, theanalytical tool can show the historical trends of absorption or vacancy,and can forecast the statistics based on “future” information stored inthe commercial real estate database, such as building deliverables (newconstruction) or lease expiration. The analytical tool can alsocustomize this forecasting function to report statistics pertinent to aspecific type of property, such as industrial properties. The analyticaltool can also factor in a user's independent judgment of the market tofurther customize the forecasted statistics.

[0507] FIGS. 101-113 illustrate exemplary screen shots of the analyticaltool, according to an embodiment of the present invention. In thisexample, to illustrate market conditions, the analytical tool generatesstatistics, charts, and graphs based on a user-defined custom set ofbuildings.

[0508] As shown in FIG. 101, the analytical tool first prompts the userfor property and space criteria. Then, as shown in FIG. 102, theanalytical tool prompts the user for a geographic region in which tosearch for properties meeting the criteria. The user can define thegeographic region by, for example, market, submarket, county, city, zipcode, user defined boundaries (e.g., using the map search toolsdescribed above), or street grid. In the next step, as shown in FIG.103, the user can define more detailed search criteria, such as keywords in the space listing, the listing company, and services related tothe space.

[0509] With the search criteria defined by the user, the analytical toolconducts the search and reports the results, as shown in FIG. 104. Thisinitial reporting screen includes the number of buildings and spacesmeeting the search criteria (which, in the example shown, is 172buildings and 305 spaces), a graph plotting three-year vacancy rates forthe properties meeting the search criteria, and a summary of statisticsrelating to occupancy and availability, leasing activity, and askingrent. From the summary screen of FIG. 104, the user can accessadditional charts and graphs of other market statistics from the charttype fields 10400. As shown in FIG. 105, these other charts and graphscould include, for example: 1) absorption, deliveries, and vacancy; 2)rental rates; 3) occupancy rates; 4) percent leased rates; 5) vacancy byspace type; 6) direct and sublet vacant square footage; 7) occupancy andleased rates; 8) current rental rates; 9) vacancy and rental rates; and10) net absorption rates. The analytical tool pulls all of thesestatistics from the commercial real estate database. FIG. 106illustrates a graph of absorption, deliveries, and vacancy plotted overa three year period, for properties meeting the search criteriaspecified in the screens of FIGS. 101-103.

[0510] In addition to charts and graphs, the analytical tool can presenthistorical data in snapshot spreadsheets, as shown in FIGS. 107-109.FIG. 107 shows an overview of the historical data. In addition to anoverview, the data in the snapshot can be organized as a specific lookat absorption, vacancy/availability, or rental rate, as shown by thedrop-down menu options in FIG. 108. As another example for presentinghistorical data, FIG. 109 illustrates a table listing quarterlystatistics.

[0511] FIGS. 110-113 illustrate the forecast function of the analyticaltool. FIGS. 110 and 111 show a graph and table, respectively, of actualhistorical statistics and predicted future statistics. In this example,the analytical tool projects the future absorption rates andconstruction starts using the statistics from the most recently reportedquarter. The user can change the bases for these projections as shown inFIGS. 112 and 113. As shown in FIG. 112, the projected absorption can bebased on other factors such as: 1) preceding year average; 2) five yearaverage; 3) median quarter value; 4) mean quarter value; 5) % seqpositive growth; 6) % seq negative growth; 7) best of four quarters; or8) worst of four quarters. As shown in FIG. 113, the projectedconstruction starts can be based on other factors such as: 1) precedingyear average; 2) five year average; 3) mode quarter value; 4) averagequarter value; and 5) % of five year average.

[0512] To further enhance the user's understanding of market conditions,an embodiment of the analytical tool can provide summaries of dealscompleted on properties that met the search criteria (FIG. 114), recentnews relating the properties (FIG. 115), and plots of the properties ona map to reveal any regional trends (FIG. 116). The data included inthese screens is retrieved from the commercial real estate database.

DETAILED DESCRIPTION OF DERIVATIVE EMBODIMENTS

[0513] According to another aspect of the present invention, the systemincludes a method and system for listing and brokering a commodity andits financial derivatives. The method begins by identifying a pluralityof characteristics of a particular commodity such as commercial realestate, and then entering those characteristics into a data processingsystem using a real-time clock. Once the commodity characteristics areentered, an exchange market for the commodity is established based upona pre-selected set of the commodity's characteristics. After marketprice for each commodity listed in the database has been set, a class orclasses of financial derivatives can be established. Then, with theestablishment of derivative classes, a financial exchange market forthose derivatives can be established.

[0514] The characteristics of the commodity to be listed, andsubsequently traded, would preferably include: a geographic location; alease term start date range and a lease term end date range; a buildingclass (e.g., class A, B, C); a volume; and a cost. These characteristicsgenerally describe commercial real estate, which is the broad class ofcommodity to be traded in the preferred embodiment of the presentinvention.

[0515] The entry of the commodity into the data processing systemcomprises several steps, these include: determining whether or not thecommodity is being identified to the data processing system for thefirst time; and, storing the commodity characteristics in a commoditydatabase if the entry is indeed a first time entry. If the entry is nota first time entry, then the status of the entry with respect to being acandidate for purchase, sale, or trade would need to be determined.

[0516] The description or characteristics of the derivatives would bemore general in context than that of the commodity itself and could bedescribed by a series of broad categories. These categories mightinclude: all commercial real estate available during a particular timeperiod in a particular region; all commercial real estate of a certainclass or cost; or, a combination of categories. The broadcharacteristics of the derivatives would comprise a Lease SpaceEquivalent Unit, or LSEU.

[0517] The LSEU comprises a: common descriptive link between variedcommodity types; a time period (contract length) that runs from the dateof the contract to the performance date of the commodity; and, acontract price. When entering the characteristics of the LSEU into thedata processing system, the system determines whether the entry is beingmade for the first time. If so, then the characteristics are enteredinto the derivatives database and an identifier is issued. If thedescribed derivative has been previously entered into the system, thenthe system determines the status of the derivative, with respect towhether or not that derivative is being exchanged, sold, or traded.

[0518] The system which employs the method of the subject inventioncomprises a number of elements that include: data processing means foraccepting and storing the parameters of the commodity available for saleor exchange; data processing means for entering a description of thecommodity desired for purchase or exchange; means for determiningwhether a match exists based upon a comparison of the commodity offeredfor sale and that requested for purchase or exchange; means fordisplaying the matched entry to a system operator; means for selectingthe matched entry for purchase and/or exchange; means for determining aclass of financial derivatives based upon a pre-determined set ofcharacteristics resident in the commodity descriptions stored in thedatabase; and means for selecting a class of derivatives for purchaseand/or exchange.

[0519] The data processing means of the system, in turn, furthercomprises a system controller. The system controller is comprised of anumber of elements, which include: a data processing system and programsfor the management of data; data entry means for entering data into thedata processing system; memory means for storing data; and,communication means for communicating data between the system controllerand a plurality of input and output points. The input and output points,for the input and output of data, comprise: one or more commodity inputpoints; one or more commodity receiver points; one or more commoditybrokerage points; and, one or more derivative exchange points.

[0520] The system for implementing this aspect of the present inventioncan be a known system, such as that shown in FIG. 72 and FIG. 73,applied to this new area and taking advantage of the unique unified datamodel of the present invention. To begin with, as shown in FIG. 72, ahigh level flowchart of the overall system of the subject invention isdesignated as system 910. System 910 comprises a central hub in the formof a system controller 912 which can be a computer or a data processingsystem for processing data entered by the system operator. Systemcontroller 912 has a number of input and output points which allow nodeslocated at the input and output points to utilize this known method in anew context, i.e., commercial real estate.

[0521] Commodity input point 914 can exist as a single point or asmultiple points. At commodity input point 914, the description of acommodity to be traded or purchased is entered into system 910 andresides within system controller 912. In a preferred embodiment of theinvention, the commodity to be entered is commercial real estate. Entryof the commodity into system 910 must include enough information so asto identify the commodity in time, place, volume, and class. In analternative embodiment of the subject invention, system controller 912resides within each of the input and output points 914, 916, 918, and920 so that the database of each is redundant to the others with respectto storing commodity data.

[0522] Commodity receiver point 916 can exist as a single point or asmultiple points. At commodity receiver point 916, the description of acommodity that has been purchased is confirmed to the purchaser by aconfirmation transmitted from system controller 912. The confirmationwill include an identification of the commodity purchased and a marketvalue for the commodity that will be debited from an account of thepurchaser and credited to an account of the carrier listing thecommodity.

[0523] Commodity brokerage point 918 can exist as a single point or asmultiple points. At commodity brokerage point 918, the trading of acommodity between a commodity owner and a secondary purchaser is enteredinto system 910. A secondary purchaser is defined as a purchaser who didnot purchase the commodity to be traded directly from the carrier whointroduced the commodity to the market. A request to purchase or trade aparticular commodity is entered into system controller 912, which willattempt to seek a match between the commodity requested and commoditiesavailable for sale or trade. Alternatively, a listing of commoditiesavailable for sale or trade, within certain parameters, can be displayedprior so that a sale or trade request can be subsequently entered.

[0524] Derivative exchange point 920 can exist as a single point or asmultiple points. At derivative exchange point 920, the trading of aderivative between a derivative owner and a derivative purchaser isentered into system 910. A derivative is defined as a financialinstrument whose value is based on the perceived future collective valueof a breadbasket of primary instruments. For example, a derivative couldbe based on the value of all commercial real estate leases of aspecified class in a specified area for a period ending on a particulardate some time in the future (i.e., 90, 120, 180 days forward). Arequest to purchase or trade a particular derivative is entered intosystem controller 912, which will attempt to seek a match between thederivative requested and derivatives available for sale or trade.Alternatively, a listing of derivatives available for sale or trade,within certain parameters, can be displayed prior so that a sale ortrade request can be subsequently entered.

[0525] Turning to FIG. 73, there is shown subsystem 925, whichrepresents an input/output point that is porting data to systemcontroller 912 shown in FIG. 72. Subsystem 925 comprises: microprocessor930 for processing data entered by the system operator; microprocessor930 operatively connected to monitor 932 where the system operator canview entries made to the system, matches available, or receivenotification of a match; keyboard 934, which is used to make dataentries to the system connected to microprocessor 930 by interface cable938; and, modem 936, which can transmit data entries to, or receive dataentries from, system controller 912, connected to microprocessor 930 byinterface cable 942.

DESCRIPTION OF A REPRESENTATIVE EMBODIMENT

[0526] As described above, the system and method of the presentinvention provide the unified data model required to complete thedevelopment of a digital marketplace for the commercial real estate andrelated business community. The marketplace contains a wealth ofinformation that can be used to provide an array of new services.

[0527] The currently preferred embodiment of the database of the presentinvention tracks over 15 billion square feet of U.S. commercialproperties, and is one of the largest in existence. Over 700 researchersmake daily updates to the database. This highly complex database iscomprised of hundreds of data fields, tracking such categories as:location; site and zoning information; building characteristics; spaceavailability; tax assessments; ownership; sales comparables; mortgageand deed information; for-sale information; income and expensehistories; tenant names; lease expirations; contact information; andhistorical trends.

[0528] The database includes over 660,000 high-resolution digitalimages, including building photographs, aerial photographs, and floorplans. The database tracks approximately 900,000 tenants occupyingoffice and industrial space in 54 U.S. markets.

[0529] The currently preferred embodiment also employs a sophisticateddata collection organization, made up of a combination of researchers,management systems, computer and communications hardware, and softwaresystems. To begin with, over 700 researchers collect and analyze officeand industrial real estate information through hundreds of thousands ofphone calls, e-mails, Internet updates, and faxes a year, in addition toe-mails, field inspections, news monitoring, and direct mail. Moreover,because of the importance commercial real estate professionals place onthe data, they frequently take the initiative to report transactions toour researchers.

[0530] In addition, the system includes management and quality controlsystems. Both automated and non-automated controls are used to ensurethe integrity of the data collection process. A large number ofautomated data quality tests check for potential errors includingoccupancy date conflicts, available square footage greater than buildingarea, typical floor greater than land area, and expired leases.Non-automated quality control procedures include: calling ourinformation sources on recently-updated properties to re-verifyinformation; reviewing commercial real estate periodicals fortransactions to cross-check our research; and performing field checks toensure the correct canvassing of all building. Finally, one of the mostimportant and effective quality control measures is feedback, garneredthrough regular client surveys taken from the commercial real estateprofessionals using the data of the present invention every day.

[0531] With regard to computer and communications hardware, the systemmaintains Windows NT servers in support of the database and a nationalinternal frame relay network to allow remote researchers real-timeaccess to the database. Full data back-ups are stored off-site.

[0532] The system uses client-server software to manage internal datacollection. In addition, the system uses custom software systems forfour primary functions: collection of building-specific data; trackingof commercial real estate companies and individuals; facilitatingoperations; and distribution of data.

[0533] The currently preferred embodiments of various services that canbe provided with the unified data model will now be described in detailin the following paragraphs.

[0534] CoStar Property: This is a database of more that 15.3 billionfeet of commercial space in the United States (mostly office andindustrial), combining hundreds of data fields such as spaceavailability, sales comps, properties for sale, ownership, photos, size,location, and characteristics. CoStar Property has fostered thedevelopment of the digital leasing marketplace. Clients use CoStarProperty to research leasing options, analyze market conditions andcompetitive property positions, and produce multimedia clientpresentations. Members of the broader commercial real estate community,including non-CoStar Property subscribers, Use CoStar Propertyextensively to market their properties. The subscriber can query CoStarProperty with any combination of pertinent criteria, combining any ofapproximately one hundred data fields from categories such as buildingsize, location, building characteristics, space, availability,ownership, or sales comparables. CoStar Property's search engine scansthrough hundreds of millions of square feet of space in a specifiedmarket in seconds to find all the properties meeting the searchcriteria. The user can select from over 50 customizable reports,presenting space availability, comparable sales, tenant activity, marketstatistics, photographs, and floor plans. The user can export and editreports, photos, and floor plans to help determine feasibility of aspecific space. Clients also use CoStar Property to analyze marketconditions by calculating current vacancy rates, absorption rates, oraverage rental rates.

[0535] CoStar Tenant: This is a database of some 900,000 tenants andtheir lease terms, including all building information, rents, leaseterms, commissions and broker, tenant type or business, and other data.A key service feature is accurate lease expiration information. Clientsuse CoStar Tenant to: find information about particular tenants;identify and target the most likely tenants to lease space; identify alltenants in a particular building; understand trends and the underlyingdemand for commercial real estate; identify and target the tenants mostlikely to need representation for their real estate requirements; andidentify and target the tenants most likely to buy a particular vendors'goods and services.

[0536] COSTAR EXCHANGE™: Allows property owners to list their propertiesfor sale (and list extensive information about their properties) on thesystem operator's website at no cost. The generation of the product isfrom the company's database, incorporating much of the data in Tenantand Property but emphasizing the sale process as opposed to the listingprocess. Emphasized information will include tenant information, leasinginformation, and income and expense data. These listings allow sellersto reach a very large audience. There are currently over 38,000buildings for sale in the CoStar/Comps database, representing in excessof some $40 billion in aggregate value. The system is sold on asubscription basis into the existing client base and can also createon-off revenue. The exchange is a web-based marketplace to moreefficiently and securely facilitate the buying and selling of commercialproperties. Information is distributed through a secure web service,known as COSTAR EXCHANGE™. The site affords an efficient means for thesesellers to reach a large universe of potential buyers. Potential buyerspay a subscription fee to access the system. Sellers of investment-gradeproperties have the additional option of selecting limited, securedistribution of their properties in order to address confidentialityrequirements.

[0537] CoStar Analytic: This service is a web-based analytical toolbased on the tenant and property databases. The tool is designed toallow users to analyze underlying trends in the covered markets. Thetypes of inquiries that can be made are nearly limitless and are basedon combinations of fields in the database. A typical inquiry might be toanalyze leases rolling over in a submarket over a forward 36-monthperiod to try to determine the leasing success of a potential newdevelopment. CoStar Advisory is sold both on a subscriber basis and on aper-search basis. Users can analyze the important changing trends inmarket metrics such as vacancy rates, tenant movements, supply, rentalrates, tenant demographics, new construction, and absorption rates. Thisweb-based analytic tool allows users to perform more sophisticatedanalyses of underlying market conditions and trends when makinginvestment, leasing, purchase, sale, construction, and marketingdecisions involving commercial real estate. These tools providestrategic insight into the changing trends in vacancy rates, tenantmovements, supply, new construction, absorption rates, and otherimportant market metrics. The system also provides fee-based customizedreports and advisory services.

[0538] CoStar Comps: This service is an enhanced web-based serviceproviding confirmed commercial real estate sales information onproperties that have recently sold. This web-based service enablesclients to track and analyze sales comparables in a more timely andcomprehensive manner than is currently possible. This service covers 47national markets, including information on comparable sales such as saleprices, income and expenses, capitalization rates, loan data and otherdetails. Clients can search the proprietary database of comparable salesinformation by multiple search parameters, including location, propertytype, square footage, price range, and number of units. Clients receivea report of all relevant properties in the database matching theirsearch criteria, including photographs.

[0539] CoStar Marketplace: The participants in the CoStar marketplacedirectly influence approximately $100 billion in leasing and sales eachyear. The system allows the system operator to provide digital marketingopportunities to reach this audience through premium high-exposurebanner ads on CoStar and on the website. The Marketplace provides anonline means for the commercial real estate and related businesscommunity to direct advertising to the appropriate decision-makers. Theservice benefits clients by providing increased distribution, highervisibility, and a more cost effective way to reach an audience targetedfor their advertising material.

[0540] CoStar News: This service provides website, CoStar, and e-mailnews dispatches that keep clients informed of late-breaking commercialreal estate news such as deals signed, acquisitions, ground breakingsand other features. Web banner ads are prominently displayed on thesite, generating significant revenues. The system also allows the systemoperator to deliver a free e-mail system built around customized clientprofiles, with highly-targeted banner advertising attached.

[0541] The present invention thus provides a digital marketplace inwhich the members of the commercial real estate and related businesscommunity can continuously interact and can facilitate transactions byefficiently exchanging accurate and standardized information. Inaddition, the system operator is capable of providing the depth andbreadth of the following services:

[0542] Digital leasing marketplace—provides the information required toefficiently conduct commercial real estate leasing transactions, bothbetween brokers and between owners and brokers. The system operatordelivers this service through CoStar Property and CoStar Tenant, whichbenefit clients by providing a more comprehensive solution with muchhigher data quality, at substantially less time and cost than otherwiseavailable.

[0543] Digital selling marketplace: This service provides theinformation required to efficiently and securely conduct commercial realestate buy and sell transactions. The system operator can deliver thisservice through CoStar and enhance this service through COSTAREXCHANGE™. This service benefits clients by allowing purchasers to makemore-informed investments and sellers to maximize realized propertyvalues.

[0544] On-line decision support services: These services allows membersof the community to perform analysis of underlying market conditions andtrends when making investment, leasing, purchase, sale, build, andmarketing decisions involving commercial real estate. The systemoperator can deliver these services through CoStar Analytic and CoStarComps. These services benefit clients by providing powerful, flexible,time-efficient, and accurate analytic capabilities.

[0545] Tenant information services: These services enable members of thecommercial real estate and related business community to identify andmarket to the tenants who are the most likely prospects for their goodsand services. The system operator delivers these services primarilythrough CoStar Tenant. These services benefit clients by more preciselyidentifying and capturing viable prospects at a lower cost.

[0546] On-line property marketing: This service provides a targetedon-line means for the commercial real estate and related businesscommunity to direct advertising to the appropriate decision-makers. Thesystem operator can deliver this service through CoStar and via thewebsite. This service benefits clients by providing them increaseddistribution, higher visibility, and a more cost-effective way to reachtheir targeted audience than otherwise available.

[0547] On-line industry news: This service allows members of thecommercial real estate and related business community to remain currentwith developments in the industry. The system operator delivers theseservices through CoStar, www.costargroup.com, which benefit clients byproviding more timely and in-depth news.

[0548] The increased availability of the services from a web-basedplatform will allow the commercial real estate and related businesscommunity real-time access to the CoStar marketplace data and providethe opportunity for increased interaction among community members. Thiswill lead to the development of a more efficient commercial real estatemarketplace.

[0549] The preferred embodiment of the present invention relates to asystem and method for collecting, standardizing, and distributinginformation pertaining to commercial real estate. The information fallsinto three conceptual camps: Information about the leasing of commercialspace (which itself is divided into tenant data and space-for-leasedata); Information about the listing and sale of buildings; and Marketresearch.

[0550] The commercial real estate brokerage community supplies the firsttwo types of information. As a broker in a local market gets a listing,the space for sale or rent is listed in the CoStar system and theinformation enters the database. For example, if a user wanted 10,000feet in downtown Los Angeles, the CoStar system would allow the tenantrepresentative broker to search suitable locations in that market basedon up to 100 data fields. Listing brokers that represent the propertyowner would have provided the actual data.

[0551] The present invention achieves significant network effectbenefits to the extent nearly every major brokerage company in theUnited States submits its data and uses the system. If a large brokeragedoes not use the system, its clients do not get the best and widestmarket for lease or sale transactions. Imagine a stockbroker thatmaintains an internal market in a select group of stocks, but the marketis highly illiquid and inactive. Meanwhile, all the other brokers shareinformation and liquidity in a centralized digital exchange. If acustomer happens to want to sell a particular stock and no one in thesmall broker's office is familiar with what is going on with that stock,the customer would be out of luck. This is the conundrum the real estatebrokers face, as network effects cause the system to become even moreimportant.

[0552] In all cases, the information is scrubbed, verified, andsystemized to conform to the database so it is digitally accessible. Inthe case of market data, some is digitally culled from the 1.5 terabytesof historical real estate data that already exists in CoStar'scomputers, supplemented by on-going field research. Field researchersusing mobile vehicles and other tools compile digital images, locationinformation, and site-specific data, both verifying data already enteredby the brokerage community and completing the market research function.The system standardizes information across source and market.

[0553] In describing representative embodiments of the presentinvention, the specification may have presented the method and/orprocess of the present invention as a particular sequence of steps.However, to the extent that the method or process does not rely on theparticular order of steps set forth herein, the method or process shouldnot be limited to the particular sequence of steps described. As one ofordinary skill in the art would appreciate, other sequences of steps maybe possible. Therefore, the particular order of the steps set forth inthe specification should not be construed as limitations on the claims.In addition, the claims directed to the method and/or process of thepresent invention should not be limited to the performance of theirsteps in the order written, unless that order is explicitly described asrequired by the description of the process in the specification.Otherwise, one skilled in the art can readily appreciate that thesequences may be varied and still remain within the spirit and scope ofthe present invention.

[0554] The foregoing disclosure of embodiments of the present inventionhas been presented for purposes of illustration and description. It isnot intended to be exhaustive or to limit the invention to the preciseforms disclosed. Many variations and modifications of the embodimentsdescribed herein will be obvious to one of ordinary skill in the art inlight of the above disclosure. The scope of the invention is to bedefined only by the claims, and by their equivalents.

What is claimed is:
 1. In a system comprising a real estate databasecontaining information regarding commercial real estate properties, amethod for disseminating information contained in the real estatedatabase comprising: accepting search criteria from a user; searchingthe real estate database for information that meets the search criteria;reporting search results to the user, wherein the search results includethe information that meets the search criteria; receiving a file fromthe user; associating the file with the search results and the searchcriteria; and providing the user with access to the search criteria, thesearch results, and the associated file.
 2. The method of claim 1,wherein the search criteria are one of: space requirements of one of aprospective tenant and a prospective buyer, and information requirementsof a commercial real estate professional.
 3. The method of claim 1,wherein the file includes one of a spreadsheet, a document, and abrochure.
 4. The method of claim 1, further comprising: receivinginstructions from the user to provide a second user with access to thesearch criteria, the search results, and the associated file; andproviding the second user with the access.
 5. The method of claim 4,wherein the user is a broker in a brokerage firm and the second user isone of client of the broker, a broker who is a member of the brokeragefirm, and a broker who is not a member of the brokerage firm.
 6. Asystem for collecting, distributing, and using real estate datacomprising: (a) data sources that gather and generate the real estatedata; (b) data mining applications in communication with the datasources, wherein the data mining applications receive and organize thereal estate data into separate interrelated modules, and wherein thedata mining applications evaluate the real estate data and reconcile thereal estate data among the interrelated modules; (c) a contactmanagement system in communication with the data sources and the datamining applications, wherein the contact management system directs thedata mining applications to conduct continuous pollings of the datasources to update the real estate data; (d) a core data warehouse incommunication with the data mining applications, wherein the core datawarehouse receives and stores the reconciled and updated real estatedata from the data mining applications; (e) database processes incommunication with the core data warehouse, wherein the databaseprocesses access the reconciled and updated real estate data from thecore data warehouse and create database sets; and (f) a search databaseapplication in communication with the data processes, wherein the searchdatabase application accepts a property search query from the user andreports search results to the user, wherein the search results includereal estate data in the core data warehouse that meet the user's searchquery, and wherein the search database application is adapted to receivefiles from the user and associate the files with the search results. 7.The system of claim 6, wherein the search database application isadapted to provide the user with access to the search results and theassociated files.
 8. The system of claim 7, wherein the search databaseapplication is adapted to receive instructions from the user to providea second user with access to the search results and the associatedfiles, and to provide the second user with the access.
 9. A method forfacilitating a commercial real estate transaction comprising: receivingspace requirements from a user; searching a commercial real estatedatabase for spaces meeting the space requirements; reporting to theuser the spaces meeting the space requirements; receiving from the userselected spaces from among the spaces meeting the space requirements,wherein the selected spaces are spaces for which the user wants toconfirm availability; forwarding electronic communications torepresentatives of the selected spaces, wherein the electroniccommunications request confirmation of availability of the selectedspaces; updating the commercial real estate database in response toreceiving denials of space availability; and reporting, to the user,available spaces from among the selected spaces in response to receivingconfirmations of space availability for the available spaces.
 10. Themethod of claim 9, further comprising: receiving from the user finalchosen spaces from among the available spaces, wherein the final chosenspaces are spaces for which the user wants proposals; forwarding secondelectronic communications to representatives of the final chosen spaces,wherein the second electronic communications request proposals on behalfof the user for the final chosen spaces; and reporting, to the user, theproposals from the representatives of the final chosen spaces.
 11. Themethod of claim 10, further comprising providing the user withcomparisons of the proposals.
 12. The method of claim 10, furthercomprising: consulting the commercial real estate database to determinelocations of the final chosen spaces; receiving, from the user, times tospend visiting each of the final chosen spaces; determining an order inwhich to visit the final chosen spaces; calculating travel times betweenthe final chosen spaces based on the order and the locations; anddetermining a tour of the final chosen spaces based on the visitingtimes and the travel times.
 13. The method of claim 12, whereindetermining the order comprises receiving the order from the user. 14.The method of claim 12, wherein the order is based on one of shortesttime and shortest distance.
 15. The method of claim 12, furthercomprising forwarding to the user and to the representatives of thefinal chosen spaces a third electronic communication providing access tothe tour.
 16. The method of claim 12, further comprising displaying thetour on a map, wherein the map shows a route between the final chosenspaces.
 17. The method of claim 16, wherein the map includes an iconindicating the location of a final chosen space, wherein the icon islinked to data in the commercial real estate database that correspondsto the final chosen space, and wherein the icon is adapted to beactivated to provide access to the data.
 18. The method of claim 10,further comprising reporting, to the representatives of the final chosenspaces, the requests for proposals along with other requests forproposals on their respective spaces.
 19. A method for reporting taskscompleted in commercial real estate transactions comprising: storinginformation pertaining to a property in a commercial real estatedatabase; associating the property with a representative of theproperty; facilitating searches of the commercial real estate databasefor spaces meeting designated space requirements, wherein the propertymeets the designated space requirements for a number of the searches;and reporting the number to the representative.
 20. The method of claim19, further comprising: receiving requests to confirm availability ofthe property; and reporting, to the representative, the number ofrequests to confirm availability of the property.
 21. The method ofclaim 19, further comprising: receiving requests for proposals for theproperty; and reporting, to the representative, the number of requestsfor proposals for the property.
 22. The method of claim 19, furthercomprising: receiving schedules for tours of the property; andreporting, to the representative, the number of tours of the property.23. The method of claim 22, wherein the representative includes one ormore brokers and wherein reporting the number of tours of the propertycomprises reporting the number of tours given by each of the one or morebrokers.
 24. The method of claim 19, further comprising: receiving, fromthe representative, proposals on the property; and reporting, to therepresentative, the number of proposals on the property.
 25. The methodof claim 24, wherein the representative includes one or more brokers andwherein reporting the number of proposals on the property comprisesreporting the number of proposals issued by each of the one or morebrokers.
 26. The method of claim 19, further comprising reporting thenumber to an owner of the property.
 27. A method for monitoringactivities of a commercial real estate broker comprising: providing acommercial real estate database that associates the broker withproperties that the broker represents; facilitating searches of thecommercial real estate database for spaces meeting designated spacerequirements, wherein the properties meet the designated spacerequirements for a number of the searches; and reporting the number tothe broker.
 28. The method of claim 27, wherein the number is brokendown according to each property of the properties that the brokerrepresents.
 29. The method of claim 27, further comprising: receivingrequests to confirm availability of the properties; and reporting, tothe broker, the number of requests to confirm availability of theproperties.
 30. The method of claim 27, further comprising: receivingrequests for proposals for the properties; and reporting, to the broker,the number of requests for proposals for the properties.
 31. The methodof claim 27, further comprising: receiving schedules for tours of theproperties; and reporting, to the broker, the number of tours of theproperties.
 32. The method of claim 31, wherein the broker includes oneor more agents and wherein reporting the number of tours of theproperties comprises reporting the number of tours given by each of theone or more agents.
 33. The method of claim 27, further comprising:receiving, from the broker, proposals on the properties; and reporting,to the broker, the number of proposals on the properties.
 34. The methodof claim 33, wherein the broker includes one or more agents and whereinreporting the number of proposals on the properties comprises reportingthe number of proposals issued by each of the one or more agents.
 35. Asystem for analyzing commercial real estate market conditionscomprising: (a) a database for storing information about commercial realestate, the database comprising data records, including informationpertaining to lease information, sale information, comparable salesinformation, and tenant information; and (b) an analytical applicationin communication with the database, wherein the analytical applicationis adapted to receive characteristics of a property, to retrieve datapertinent to the characteristics from the database, and to displayhistorical trends and forecasts of the real estate market conditionsbased on the data retrieved from the database.
 36. The system of claim35, wherein the forecasts are based on projected data in the database.37. The system of claim 36, wherein the projected data is at least oneof projected absorption, projected construction starts, projectedbuilding deliverables, and projected lease expiration.
 38. The system ofclaim 37, wherein the projected absorption is based on one of precedingyear average; five year average; median quarter value; mean quartervalue; % seq positive growth; % seq negative growth; best of fourquarters; and worst of four quarters.
 39. The system of claim 37,wherein the projected construction starts are based on one of precedingyear average; five year average; mode quarter value; average quartervalue; and % of five year average.
 40. The system of claim 35, whereinthe historical trends and the forecasts include at least one ofabsorption, deliveries, and vacancy; rental rates; occupancy rates;percent leased rates; vacancy by space type; direct and sublet vacantsquare footage; occupancy and leased rates; current rental rates;vacancy and rental rates; and net absorption rates.